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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