Josh deposited $4000 into an account with 3% interest, compounded quarterly. assuming that no withdrawals are made, how much will he have in the account after 3 years? do not round any intermediate computations, and round your answer to the nearest cent.

Josh will get $4376 after 3 years.

Explanation:

The formula of Compound Interest is:

where A = Amount

P = Principle

r = rate

n = Number of Compounding per year

t = total number of year

Here, P = 4000, r = 3% = 0.03, n = 4(quarterly), and t = 3.

Putting all these values in above formula:

⇒

⇒

⇒

⇒ A = 4376

Hence, Josh will get $4376 after 3 years.

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