Find the value of n in each of the following proportions.
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Answer:
The amount becomes $6964.53 after 3 years .
Step-by-step explanation:
Formula
Where P is the principle , r is the rate of interest in the decimal form and t is the time in the years .
As given
Earl invested 6,000 in a money market account that pays 5% interest quarterly for 3 years .
P = $6000
5% is written in the decimal form.
= 0.05
r = 0.05
t = 3 years
Putting all the values in the formula
Therefore the amount becomes $6964.53 after 3 years .