You deposit $5000 in an account that pays 2.25% annual interest. Find the balance after 5 years when the interest is compounded quarterly.

$5,593.60

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 2.25% into a decimal:

2.25% -> -> 0.0225

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

The balance will be $5,593.60

do you mean add both of the equations together

because if you do the answer is 10x-5

step-by-step explanation:

step-by-step explanation:

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