Question

Limone's Lemonade Corp. has a savings plan for its employees. If an employee makes an initial contribution of $1,000.00, the company pays 8% interest compounded quarterly. What is the value of the account after 5 years?

Answer 1

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%