Suppose that when your friend was born, your friend’s parents deposited 60000 in an account paying 4.5% of interest compounded quarterly. What will the account balance be after 15 years?

$117,398.71

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 4.5% into a decimal:

4.5% -> -> 0.045

Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:

The account balance after 15 years will be $117,398.71

.19875994384

step-by-step explanation:

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