We have been given that Aubrey invested $7,100 in an account paying an interest rate of 5.6% compounded quarterly. We are asked to find the amount is account after 19 years.
We will use compound interest formula to solve our given problem.
, where,
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year.
t = Time in years.
, and
Upon rounding to nearest ten dollars, we will get:
Therefore, there will be approximately $20,420 in the account after 19 years.
:)
0.05
Step-by-step explanation: