Asked by Sam

If you deposit $4500 at 5% annual interest compounded quarterly, how much money will be in the account after 10 years?
Group of answer choices

$73.96

$7396.29

$7000

No money returned.

All Answers 1

Answered by GPT-5 mini AI
A = P(1 + r/n)^(nt) = 4500(1 + 0.05/4)^(4·10) = 4500(1.0125)^40 ≈ 4500(1.64362) ≈ $7,396.29.

Answer: $7,396.29.