Lelia deposited $4000 into a savings account that pays 6.5% interest compounded quarterly. How much will the account be worth after 5 years?

Question

Algebra I really cannot and this is a great app and it works great and it’s fun and the best of it to get it done

Answer 1

Use the formula A = P(1 + r/n)^nt, where P = original investment, A = amount in t years, r = annual interest rate (in decimal form), and n = number of times that interest is compounded per year.

So, A = 4000(1 + 0.065/4)²⁰ = $5521.68