Business Middle School

If you took $1,000 and put it into an interest-bearing savings account compounding quarterly at 3%, how much would your fund be worth at the end of one year? A: $1,030.00 B: $1,120.00 C: $1,030.34 D: $1,120.33

Answers

Answer 1

Answer:

C. $1030.34

Explanation:

Given:

Principal = $1,000

Interest = 3%

Number of Times = Quarterly

Time = 1 year

Interest Type = Compound Interest

Required

Amount at the end of the year

To solve this, I'll make use of Amount formula which is;

[tex]A = P(1 + \frac{r}{n})^{nt}[/tex]

Using compound interest notations, the given parameters are:

P = $1,000

r = 3%

t = 1

Quarterly means 4 times a year;

So, n = 4

Solving for Amount (A), the formula becomes

[tex]A = \$ 1000(1 + \frac{3\%}{4})^{4 * 1}[/tex]

[tex]A = \$ 1000(1 + \frac{3\%}{4})^{4}[/tex]

Convert percent to decimal

[tex]A = \$ 1000(1 + \frac{0.03}{4})^{4}[/tex]

[tex]A = \$ 1000(1 + 0.0075)^{4}[/tex]

Solve the expression in the bracket

[tex]A = \$ 1000(1 .0075)^{4}[/tex]

Solve the exponent

[tex]A = \$ 1000 * 1.03033919066[/tex]

[tex]A = \$ 1030.33919066[/tex]

[tex]A = \$ 1030.34[/tex] (Approximated)

Hence, the amount at the end of the year is approximately $1030.34

Answer 2
your answer should be C $1,030

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