You deposit $150 into an account that yields 2% interest compounded quarterly. How much money will

You deposit $150 into an account that yields 2% interest compounded quarterly. How much money will you have after 5 years?

2% per year compounded quarterly equals 2/4 = 0.5% per quarter. 5 years * 4 quarter per year = 20 quarters of compounding.

Using our balance calculator, we get $165.73 in the account after 20 years.