\(A = 1000 \left(1 + \frac{0.10}{4}\right)^{4 \times 3}\)
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- A company offers a 10% annual interest rate compounded quarterly on a savings account. If an initial investment of $1,000 is made, what will be the balance after 3 years?
- \(A = P \left(1 + \frac{r}{n}\right)^{nt}\)
- Where \(P = 1000\), \(r = 0.10\), \(n = 4\) (quarterly), and \(t = 3\).
- \(A = 1000 \left(1.025\right)^{12}\)
- \(A = 1000 \times 1.34489 \approx 1344.89\)
- The balance after 3 years will be approximately $1344.89.
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