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Fittoniya [83]
3 years ago
15

You invest $5000 into an account earning 4% interest compounded quarterly. Write an

Mathematics
1 answer:
lidiya [134]3 years ago
8 0

Answer:

A (in $USD) = 5,000(1 + .04/4)^4(8)

A = 5000(1 + 0.01)^32

A = 5000(1.01)^32

A = 5000(1.37494068)

A ≈ 6874.7034

<u>A = $6875 or $6875.7 (depending on rounding requirement)</u>

Step-by-step explanation:

Compound Interest Formula

A = P(1+ r/n)^n(t)

  • A is the amount in the account after t years
  • P is the principal (original amount invested)
  • r is the annual rate, expressed as a decimal
  • n the number of times the interest is calculated a year*
  • t is the number of years

*If the interest is compounded monthly n = 12, if quarterly n = 4, if daily n = 365.

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