Asked by Mal
How much will a savings account earn if the APY is 5.00% with a starting deposit of $100 with the interest given to the account quarterly? How much will it earn for the first quarter? First year?
Answers
Answered by
oobleck
1st q: 100 * .05/4
1st yr: 100(1 + .05/4)^4 - 100
1st yr: 100(1 + .05/4)^4 - 100
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.