Initial Deposit = $7000
It means P= $7000
rate of interest = 10%
So , r = 0.10
compounded quarterly , so n = 4
and we have to find the amount after 5 years , So t = 5
Now the formula we use here is
So amount after 5 years = $11470.315
Use a common denominator What does 1/9 equal?
1 answer:
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