Which of the following is the balance for a single $3,200 deposit in an account with an apr of 2.6% that compounds interest quarterly and is invested for 6 years?

Step-by-step explanation:

For this case we can use the formula for the future value with compound interest given by:

  (1)

For this case since the interest is compounded quarterly we have 3 periods each year, since we have 3 quarters in a year.

r represent the rate =0.026

t = 6 represent the number of years

P = 3200 represent the amount invested at the begin

If we apply the formula (1) we got:

So then the balance after 6 years would be approximately 50995 with the conditions provided.

the k side

step-by-step explanation:

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