# 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

2
by nivasuhas

2014-12-28T13:41:21+05:30
Let Principal= \$ 2535
r= 5.3/100
t=3
We know the interest is compounded quarterly
A = P(1+(r/4 )/100)^4t
=2535(1+5.3/400)^12
= 2535*1.01325^12
= 2535 * 1.1711
= 2968.77
The balance after 3 years is 2968.77
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.
exactly!
2014-12-28T13:42:48+05:30

### This Is a Certified Answer

Certified answers contain reliable, trustworthy information vouched for by a hand-picked team of experts. Brainly has millions of high quality answers, all of them carefully moderated by our most trusted community members, but certified answers are the finest of the finest.
P= \$2535
r = 5.3%
t = 3 years
n = 4

Balance after 3 years is \$2969.