Question
what will a deposit of 4500 be worth if left in the bank for 5 years at 8% compounded quarterly?
Answers
Damon
20 time periods at r = .08/4 = .02
so
4500 (1.02)^20
= 4500 (1.4859)
=6686.76
so
4500 (1.02)^20
= 4500 (1.4859)
=6686.76