Alex invests $12,500 in a savings account that pays 5% interest compounded quarterly. Approximately how much money will he have

Question

Nadya [2.5K]

3 years ago

8

Alex invests $12,500 in a savings account that pays 5% interest compounded quarterly. Approximately how much money will he have

in the account after 10 years?

Mathematics

1 answer:

Gala2k [10] · Answer 1 · 2022-04-26T08:07:19+03:00

A = P (1 + r/n) (nt)
A = the future value of the investment
P = (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested