Asked by Brittany Jones

If I had a 4,0000 deposit at an apr of 5.6% with quarterly compounding, how much would I have after four years?

Answers

Answered by Henry
P = Po(1+r)^n.

r = (5.6%/4) / 100% = 0.014 = Quarterly
% rate expressed as a decimal.

n = 4comp/yr. * 4yrs = 16 Compounding
periods.

Plug the above values into the given Eq
and solve for P.

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