Question
Jim opened an account with $400. The account pays three percent quarterly. How much is in the account at the end of two years?
Answers
two years is 8 quarters
Assuming simple interest,
A = P(1+rt)
= 400(1+8*.03)
= 496
Assuming simple interest,
A = P(1+rt)
= 400(1+8*.03)
= 496
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