Limone's Lemonade Corp. has a savings plan for its employees. If an employee makes an initial contribution of $1,000.00, the com

Question

Aleks04 [339]

2 years ago

8

Limone's Lemonade Corp. has a savings plan for its employees. If an employee makes an initial contribution of $1,000.00, the com

pany pays 8% interest compounded quarterly. What is the value of the account after 5 years?

Mathematics

1 answer:

Assoli18 [71] · Answer 1 · 2022-10-08T18:43:23+03:00

Assoli18 [71]2 years ago

7 0

Answer: I don't know

Step-by-step explanation:The annual interest rate is 5%, and the interest accrues at a compounding rate for five years. To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417%