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Juanita Finn deposits $12,000 into an account at Valley Bank that pays 8% interest compounded quarterly. At the end of 5 years, how much will Juanita have in her account? Round to the nearest cent.

2 answers

i = .08/4 = .02 ----- because of "compounded quarterly"
n = 5(4) = 20 ----- there are 20 quarters.

plug into "amount of annuity" formula
17,830.80
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