At the end of each year, Carl and Linda Munson will deposit $2,100 into a 401k retirement account.
2 answers:
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Total = Principal * [1 + (rate/n)]^n*years
Where "n" is the compounding periods per year
Total = 12,000 * (1+(.05/4))^(4*4)
Total = 12,000 * (1.0125)^(16)
Total = 12,000 * <span> <span> <span> 1.2198895477 </span> </span> </span> <span> </span>
Total = <span> <span> </span></span><span><span><span>14,638.67</span>
</span> </span>
Where "n" is the compounding periods per year
Total = 12,000 * (1+(.05/4))^(4*4)
Total = 12,000 * (1.0125)^(16)
Total = 12,000 * <span> <span> <span> 1.2198895477 </span> </span> </span> <span> </span>
Total = <span> <span> </span></span><span><span><span>14,638.67</span>
</span> </span>