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An amount of $2,535.00 is deposited in a bank paying an annual interest rate of 5.3 % compounded quarterly. Find the balance after 3 years.

please give me calculation for getting answer


Let Principal= $ 2535
                 r= 5.3/100
We know the interest is compounded quarterly
 A = P(1+(r/4 )/100)^4t
    = 2535*1.01325^12
    = 2535 * 1.1711
    = 2968.77
The balance after 3 years is 2968.77
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the correct ans in $2971.71
it's ok....
both are correct....2968.77 is more accurate
To get the correct answer you should not round off the decimal value early during calculation. Use a scientific calculator to get the correct value.

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P= $2535
r = 5.3%
t = 3 years
n = 4

A=P(1+r/n)^{nt} = 2535(1+0.053/4)^{4*3} = 2969

Balance after 3 years is $2969.
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