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uysha [10]
3 years ago
12

Suppose that when your friend was​ born, your​ friend's parents deposited ​$5000 in an account paying

Mathematics
1 answer:
sukhopar [10]3 years ago
4 0

Answer:

$10,306.21

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

A=P(1+\frac{r}{n} )^{nt}

<em>P = initial balance</em>

<em>r = interest rate (decimal)</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, lets change 5.2% into a decimal:

5.2% -> \frac{5.2}{100} -> 0.052

Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:

A=5,000(1+\frac{0.052}{4})^{4(14)}

A=10,306.21

The account balance will be $10,306.21

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