Asked by Josh
you put 5,000 in an account that is compounded quarterly. the annual interest rate ,r, is 4%. how much will be in the account after 10 years?
Answers
Answered by
Scott
4% means 1% per quarter (compounding period)
10 yr is 40 quarters
A = 5000 (1 + .01)^40
10 yr is 40 quarters
A = 5000 (1 + .01)^40
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