$2000 invested at an interest of 11% compounded quarterly for 5 years.

$3,440.86

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 11% into its decimal form:

11% -> -> 0.11

Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:

The balance will be $3,440.86 after 5 years.

step-by-step explanation:

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