Question

Francisco invested $5,000 into an account that earns 3% compounded quarterly. How many times will Francisco earn interest after keeping the money in the account for 5 years?

Answer 1

To do this, we have to know how many quarters are in a year. There are 4.

So if Francisco earns interest 4 times each year, for 5 years he will earn interest 20 times.  

4*5=20

-Steel jelly.