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sergiy2304 [10]
2 years ago
11

If you deposited $1,000 in a savings account that paid an annual percentage rate of 1 percent and that compounds quarterly, how

much would your balance be at the end of a year if you did not take out any funds
Business
1 answer:
WARRIOR [948]2 years ago
6 0

We will have an amount of $1,010.04 at the end of a year if you did not take out any funds.

<h3>What formula will be used to calculate the balance?</h3>

The future value formula will be used to calculate the total balance after a year.

Given that: A = $1,000, i = 1%, n = 1,  m = 4

Future value = $1,000 * (1 + 1%/4)^(1*4)

Future value = $1,000 * (1 + 0.0025)^4

Future value = $1,000 * 1.0025^4

Future value = $1,000 * 1.01003756254

Future value = $1,010.03756

Future value = $1,010.04

Therefore, we will have an amount of $1,010.04 at the end of a year if you did not take out any funds.

Read more about future value

<em>brainly.com/question/24703884</em>

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