Question A bank features a savings account that has an annual percentage rate of 3.4% with interest compounded quarterly. Ashley opens one of these brand new savings accounts and deposits $2,000 into the account. What is her account balance after 4 years, rounded to the nearest cent? Provide your answer below:
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We can do this by dividing the annual percentage rate by 4 (since there are 4 quarters in a year): 3.4% / 4 = 0.85% Show more…
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