Find the compound amount for the deposit. Round to the nearest cent.
-$\$ 1900$ at $5 \%$ compounded quarterly for 4 years
A) $\$ 2309.46$
B) $\$ 1996.80$
C) $\$ 2317.79$
D) $\$ 2280.00$

Question

Quizplus · Accepted Answer

The compound amount is calculated using the formula $ A = P \left(1 + \frac{r}{n}\right)^{nt} $. Here, $ P = 1900 $, $ r = 0.05 $, $ n = 4 $, and $ t = 4 $. Plugging in these values, $ A = 1900 \left(1 + \frac{0.05}{4}\right)^{4 \times 4} = 2317.79 $.

Find the Compound Amount for the Deposit $1900\$ 1900$1900 At 5%5 \%5%

Find the Compound Amount for the Deposit $\$ 1900$ At $5 \%$