Suppose that 324 is invested at 335 interest compounded quar

Suppose that $324 is invested at 3.35% interest compounded quarterly. How much is in the account after 3 years?

Solution

priciple amount P=324

rate of interest r =3.35%=0.0335

compounded quarterly =>n =4

after 3 years =>t =3

accumulated amount A =P(1+ (r/n))^nt

accumulated amount A =324(1+ (0.0335/4))^4*3

accumulated amount A =358.1$

amount in the account after 3 years =358.1$