Toya invests $2846 in a retirement account with a fixed annual interest rate of 2% compounded 4 times per year. What will the account balance be after 18 years

Answer 1

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

A = 2846(1 + .02/4)⁴⁽¹⁸⁾

A = 2846(1.005)⁷²

A= 2846(1.4304)

A = $4075.60



Answer 2

Answer: $4075.60

To calculate compound interest, use the formula A=P(1+r/n)^nt where

P=original investment

A=Investment after t years

r=interest rate

n=how often interest is compounded yearly

t=time

Plug in the values for what we know

A=2846(1+.02/4)^4*18 Make sure that the interest is in decimal form

A=2846(1.43204427849) Calculate the left with a calculator then multiply

A=$4075.60