Jim opened an account with $400. the account pays 3 percent quarterly. how much is in the account at the end of 2 years? round to the nearest dollar.
use the compound interest formula, the formula a = p (1 + r/n) ^nt

The money in the account at the end of 2 years is $424.64 .

Step-by-step explanation:

Formula

Where A is the amount , r is the rate of interest in the decimal form , t is the time in years and n is compouding period .

As given

Jim opened an account with $400. The account pays 3 percent quarterly. How much is in the account at the end of 2 years .

p = $400

n = 4

t = 2 years

3% is written in the decimal form

= 0.03

r = 0.03

Put all the values in the formula

A = 400 × 1.0616

A = $424.64

Therefore the money in the account at the end of 2 years is $424.64 .

y=mx+b is the final answer!   : )

steve should create a type of business report called a business plan. the correct option among the options that are already given in the question is the last or the fourth option. this business report created by steve will actually influence the investors about investing their money in steve's business. this business report will have all the details about the business, the amount of investment required and the amount of expected profit.