Connor has made deposits of
The balance in his account would be
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
So, the balance in his account would be
Step 1 :Let's denote the total amount in the account after 14 years as
Step 2 :Since Connor deposits money every three months, there are 4 deposits in a year. So, in 14 years, there are
Step 3 :The interest is compounded monthly, so the interest rate per period is
Step 4 :We can use the formula for the future value of an ordinary annuity to calculate
Step 5 :Substituting the given values, we get:
Step 6 :Next, we need to calculate
Step 7 :We can use the formula for compound interest to calculate
Step 8 :Substituting the given values, we get:
Step 9 :So, the balance in his account would be