Question

you deposit $6,700 in a money market account that pays an annual interest of 3.3% the interest is compounded quarterly how much money will you have after 4 years

Answer 1

so it is compounded 4 times in a year in 4 years we can take it as 16 terms

a=6700(1+3.3/100)^16

a=6700(1+33/1000)^16

a=6700(1000/1000 + 33/1000)^16

a=6700(1.033)^16

a=6700*1.681144887891022

a=6700*1.6811

a=11263.23