You invest an initial $500 in an account that has an annual interest rate of 2%, compounded quarterly. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

$564

Step-by-step explanation:

You invested $500.

The annual rate is 2% and it is compounded quarterly.

You need the account balance after 6 years.

Convert the terms to their correct periodic figures.

Interest = 2%/4 = 0.5% per quarter

Period = 6 * 4 = 24 quarters

Formula for compound interest:

= Investment * ( 1 + rate) ^ time

= 500 * ( 1 + 0.5%)²⁴

= 563.579

= $564

10

step-by-step explanation:

1. 3.4/4

2. 0.8/7

3. 0.5 x 3

4. 0.9 x 6

5. 10.8

6. 2.35

7. 0.567

8. 9.35

9. 0.02

10. 0.06

11. 0.16

12. 0.42

13. 0.63

14. 5.6

15. 8.1

16. 9.9

17. 0.28

18. 0.48

19. 0.27

20. 0.49

21. 0.45

22. 0.72

23. 0.9

24. 0.88

25. 0.75

26. 0.16

27. 0.328

28. 0.495

29. 0.72

30. 1.068