Answer:
$1,179
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, lets change 2.6% into a decimal:
2.6% -> [tex]\frac{2.6}{100}[/tex] -> 0.026
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
[tex]A=910(1+\frac{0.026}{4})^{4(10)}[/tex]
[tex]A=1,179.21[/tex]
The account balance after 10 years will be $1,179
