Solve the problem. Round to the nearest cent.
-June made an initial deposit of $\$ 5700$ in an account for her son. Assuming an interest rate of $6 \%$ compounded quarterly, how much will the account be worth in 15 years?
A) $\$ 9043.20$
B) $\$ 13,720.54$
C) $\$ 13,835.40$
D) $\$ 13,926.35$

Question

Quizplus · Accepted Answer

The future value of the account can be calculated using the formula for compound interest: $ A = P \left(1 + \frac{r}{n}\right)^{nt} $, where $ P = 5700 $, $ r = 0.06 $, $ n = 4 $, and $ t = 15 $. Plugging in these values gives $ A = 5700 \left(1 + \frac{0.06}{4}\right)^{4 \times 15} \approx 13926.35 $.

Solve the Problem $5700\$ 5700$5700 In an Account for Her Son 6%6 \%6%

Solve the Problem $\$ 5700$ In an Account for Her Son $6 \%$