Asked by carolyn
                Luis put $800 in his saving account whichs pays 6% annual interest How much will he have in his account in a year if the  interest is compounded quarterly?
what is the first quarter principle?
            
        what is the first quarter principle?
Answers
                    Answered by
            MathMate
            
    There are four periods, each (a quarter) will be paid (1/4) of 6% interest.
The accumulated amount at the end of the year will therefore be
A = 800*(1+0.06/4)^4
=$849.09
    
The accumulated amount at the end of the year will therefore be
A = 800*(1+0.06/4)^4
=$849.09
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