Mark Welsch deposits $7,200 in an account that earns interest at an annual rate of 4%, compounded quarterly. The $7,200 plus earned interest must remain in the account 3 years before it can be withdrawn. How much money will be in the account at the end of 3 years

$8,113.14

Explanation:

The computation of the amount  will be in the account at the end of 3 years i.e future value is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years

= $7,200 × (1 + 0.04 ÷ 4)^ 3 × 4 quarters

= $7,200 × (1.01)^12

= $7,200 × 1.12682503

= $8,113.14

Since it is compounded quarterly so we divided the rate by 4 quarters and multiplied the number of years with the 4 quarters as there are 4 quarters in a year

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