Asked by aly
Find the final amount of money in an account if
$8200 is deposited at 7% interest compounded quarterly (every 3 months) and the money is left for 5 years.
$8200 is deposited at 7% interest compounded quarterly (every 3 months) and the money is left for 5 years.
Answers
Answered by
Anonymous
0.07/4 = 0.0175
so every quarter multiply by 1.0175
5years is 20 quarters
so
8200 * 1.0175^20
= 8200 * 1.414778
= 11,601.18
so every quarter multiply by 1.0175
5years is 20 quarters
so
8200 * 1.0175^20
= 8200 * 1.414778
= 11,601.18
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.