The highest temperature on a winter day in New York City was 11°C. The lowest temperature on the same day in the same city was -
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Answer: Kriz should pay $50,100 at the end of the term.
Step-by-step explanation:
If the interest is compunded quarterly, then the accumulated amount after t years will be:
, where P= principal value , r = rate of interest .
Given: P= 50,000 , r= 5% = 0.05, t= 4 years
Then,
Hence, Kriz should pay $50,100 at the end of the term.