How much money will there be in an account at the end of 10 years if $150,00 is deposited at 3% compounded quarterly?

(assume no withdrawals are made.)   

Step-by-step explanation:

Use the formula

where A(t) is the amount of money in the account after a certain number of years, P is the amount invested initially, r is the interest rate in decimal form, n is the number of times the interest compounds per year, and t is the time in years.  Filling in:

Simplifying a bit:

and a bit more:

and a bit more still:

A(t) = 150,000(1.348348612) so

A(t) = 202,252.29

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step-by-step explanation:

example 2 – simplify: step 1: completely factor both the numerators and denominators of all fractions. step 2: change the division sign to a multiplication sign and flip (or reciprocate) the fraction after the division sign; essential you need to multiply by the reciprocal. step 3 : cancel or reduce the fractions.