Question
June made an initial deposit of $5000 in an account for her son. Assuming an interest rate of 7% compounded quarterly, how much will the account be worth in 11 years? Round to the nearest cent. Can someone help me with this problem?
Answers
Reiny
Use the compound interest formula ...
amount
= 5000(1 + .07/4)^44
= 5000(1.0175)^44
= 10727.15
amount
= 5000(1 + .07/4)^44
= 5000(1.0175)^44
= 10727.15
me
how much will i get