# 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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