Answer:
$3,619.09
Step-by-step explanation:
liam deposits $2400 into an account that earns 8.3% interest compounded quarterly.
Compound interest formula is
[tex]A= P(1+ \frac{r}{n} )^{n*t}[/tex]
where A is the final amount
P is the initial amount deposited
r is the rate of interest
n is the compounding period
t is the time in years
P= 2400, r= 8.3%= 0.083, t=5, n=4 (quarterly)
Plug in all the values
[tex]A= 2400(1+ \frac{0.083}{4} )^{4*5}[/tex]
A= 3619.09
