Your bank pays 4% annual interest compounded quarterly on January 1, April 1, July 1, and October 1. You deposited $840 on April 1 and made no other deposits or withdrawals. Find your savings account balance on January 1 of the next year. and
Your bank pays 4% annual interest compounded quarterly on January 1, April 1, July 1, and October 1. You deposited $840 on April 1 and made no other deposits or withdrawals. How much interest did you earn for these nine months?

The interest earned in 9 months is $25.45284

Step-by-step explanation:

The interest rate given by the bank = 4%

The rate at which the interest is applied = Quarterly

The amount of money deposited = $840

The formula for compound interest is given as follows;

Where;

P = The principal = $840

r = The rate = 4% = 0.04

n = The number of times the interest is compounded per period  = quarterly = 4

t = The time duration in period = 9 months = 3/4 × 1 year

Substituting the values gives the Compound interest C.I. as follows;

The interest earned in 9 months = $25.45284.

the answer is 175.4379

step-by-step explanation:

the answer is 8/21

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