Asked by Macey
Write a function that represents the situation. Find the balance A in the account after the given time period t
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$2000 deposit that earns 5% annual interest compounded quarterly; 5 years
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$2000 deposit that earns 5% annual interest compounded quarterly; 5 years
Answers
Answered by
Steve
for any interest rate r compounded n times per year, and time t years,
A = P(1 + r/n)^(nt)
so, plug in your numbers.
A = P(1 + r/n)^(nt)
so, plug in your numbers.
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