Charles johnson deposited $4,400 in a savings account earning 6% interest compounded quarterly. if he makes no other deposits or withdrawals, how much will his money earn in two years?

he will earn $4956.6 in two years

Step-by-step explanation:

Initial amount deposited by Charles Johnson into the account is $4,400

This means that the principal is P

P = 4400

It was compounded quarterly. This means that it was compounded once in four months. Therefore,

n = 4

The rate at which the principal was compounded is 6%. So

r = 6/100 =0.06

It was compounded for a total of 2 years. Therefore

t = 2

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of n years.

A = 4400(1+0.06/4)^4×2

A = 4400(1+0.015)^8

A = 4400(1.015)^8

A = $4956.6

-4

step-by-step explanation:

(-4+8)=-(4-8)=-8+4=-4

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step-by-step explanation: