Gavin deposited $220 into his savings account that is compounded quarterly at an annual rate of 9%. How much money will Gavin have in his account after 5 years if he makes no additional deposits?

Respuesta :

220 is divided by 5 and ure answer is that
A=P(1+r/n)^nt
this is where 

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

A=220*(1+0.09/4)^(4*5)

A= 220*1.0225^20

A= 220*1.56

A= 343.2

$343.2 is the answer