Charlene's parents deposit $500 in an account on the day she is born. the account earns a high interest rate of 9.2% compounded quarterly because charlene is not allowed to access the money until her 22nd birthday. how much money will charlene have on her 22nd birthday?

$3,698.50

Step-by-step explanation:

When making a compound interest rate this means that the interests generated are taken into consideration when creating new interests in the next period, now there are 4 quarterly periods on a year, this means there are 88 periods in the 22 years that the account will grow, you just have to do the math:

Where n is the number of cycles per year and nt is the number of cycles over the years.

We just have to put the values into the formula:

many reason,

step-by-step explanation: