4000 principle earning 6% compounded annually after 5 years

1 answer:

7 0

Principal, P= 4000
interest = 6%/4 = 0.015 (per quarter)
Number of periods, n = 5*4 =20 quarters

Compound interest formula:
Future value:
$F=P(1+i)^n$
$=4000(1+.015)^{20}$
$F=5387.42$ to the nearest cent.

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