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DENIUS [597]
3 years ago
12

Find the amount in a bank account if you deposited $10,000 for 25 years at 6.25% interest compounded quarterly.

Mathematics
1 answer:
KengaRu [80]3 years ago
4 0
Ok, so the formula for compound QUARTERLY is A=P(1+ʳ/n)ⁿ<span>ᵗ.
P= The initial amount.
R= The Rate
T= The Time/Number of Years
N= Number of time interest is compounded per year. (In this case its 4 because it compounded QUARTERLY.)

So if you input the numbers, you will get A=10,000(1+0.0625/4)</span>⁴⁽²⁵⁾<span>
Now solve inside the parenthesis.
10,0 00(1.0625/4)</span>⁴⁽²⁵⁾
Now you will need a calculator for the next part...
Do 1.0625/4 and times it by 10,000 .
You will get 0.0265265. You can't for get about the ⁴⁽²⁵⁾.
⁴⁽²⁵⁾=<span>¹⁰⁰
</span>2,656.25¹⁰⁰= 
$47134.43 Hope This Helped!
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