(1500(1+.04/4)^(4*5) + 500)(1+.05/4)^(4*5) = 2987.51
2987.51 - (1500+500) = 987.51
330.29 on the 1st deposit
657.22 on the 2nd deposit
Joe and Sue invested $1500 at Bank America in 2000, at 4% compounded quarterly. In the year 2005
they moved to another city and took the total money from their first investment added $500 and invested it at Bank Bravo, at 5% compounded quarterly.
a. What is the value of this account now in 2010?
b. What is the total amount of compound interest earned?
1 answer
1 answer