# Compound interest rate formula

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You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:

A. 3% annual interest compounded quarterly.

B. 2.25% annual interest compounded monthly.

C. 2% annual interest compounded daily.

Use the compound interest rate formula.

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##### Solution Summary

The response provides the steps to compute the compound interest rate.

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You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:

A. 3% annual interest compounded quarterly.

B. 2.25% annual interest compounded monthly.

C. 2% annual interest ...

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