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
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