You deposit $1800 into a bank account that pays 5% annual interest. Find the balance after 7 years if the interest is compounded quarterly. Round to the nearest cent

The balance after 7 years would be $2,548.79

Step-by-step explanation:

We are given the following in the question:

P = $1800

r = 5% = 0.05

t = 7 years

The compound interest is given by:

where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.

When compounded quarterly, n = 4

Putting values, we get,

Thus, the balance after 7 years would be $2,548.79

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step-by-step explanation: