Question

You deposit $10,000 in a money-market account that pays an annual interest rate of 4.4%. The interest is compounded quarterly. How much money will you have after 2 years

Answer 1

Total = principal * (1 + rate/n)^n*years
where "n" is the number of compounding periods per year
Total = 10,000 * (1 + .044/4)^4*2
Total = 10,000 * (1.011)^8
Total = 10,000 * 1.0914635699
Total = 10,914.64