Question

Tara deposits $5,000 in a certificate of deposit. The annual interest rate is 7%, and the interest will be compounded quarterly. How much will the certificate be worth in 10 years?

Answer 1

Answer:

c=p(r\100+1)n

c=$5000(7/100+1)7

=$9835.76

Step-by-step explanation:

Answer 2

Answer:

$3,500

Step-by-step explanation:

Formula:

I = p r t (or) I = p × r × t

I = simple interest or interest

P = principal

R = rate

T = time

Given:

$5,000

7%

10 years

I = p r t

I = (5,000)(0.07)(10)

Simple interest = $3,500