Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 years

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Question:

Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 years

Answer:

Answer:

$2941.45 will be the balance.

Step-by-step explanation:

Formula to find the final amount after 4 years with compound interest is

= 2500×1.173 = $2931.45

Therefore $2931.45 is the final amount.

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