Math , check my answer ?

Lynne invested $35,000 into an account earning 4% annual interest compounded quarterly. She makes no other deposits into the account and does not withdraw any money.

What is the balance of Lynne's account in 5 years?



$37,153.21

$39,438.88

$42,706.65 <my choice

$56,295.30

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  1. Correct!

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  2. P' = P*(1+r/n)^{nt}
    P' = 35000*(1+0,04/4)^{4*5}
    P' = 35000*(1+0,01)^{20}
    P' = 35000*(1,01)^{20}
    P' = 35000*(1.22019003995...)
    P' = 42,706.65

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