Austin invested $200 in an account paying an interest rate of 6.1% compounded quarterly. Assuming no deposits or Austin invested $200 in an account paying an interest rate of 6.1% compounded
quarterly. Assuming no deposits or withdrawals are made, how much money, to the
nearest ten dollars, would be are made, how much money, to the
nearest ten dollars, would be in the account after 15 years?

There would be $500 in the account after 15 years

Step-by-step explanation:

Compound Interest

It occurs when the interest is reinvested rather than paying it out. It's basically earning interest over interest.

The formula is:

Where:

A=final amount

P=initial principal balance

r=interest rate

n=number of times interest applied per time period

t=number of time periods elapsed

Austin invested P=$200 in an account with an interest rate of r=6.1% = 0.061 (decimal) during t=15 years compounded quarterly. Since there are 4 quarters in a year, n=4. Thus, applying the formula:

A = $495.92

Rounding to the nearest ten dollars:

A = $500

There would be $500 in the account after 15 years

where is the figure