You deposit $5000 in an account earning 2.0% interest compounded quarterly. How much interest will you earn over 12 years? Round
your answer to the nearest cent.
1 answer:
Answer:
The future value of P at interest rate r compounded n times per year for t years is ...
FV = P(1 +r/n)^(nt)
4000 = P(1 +.08/4)^(4·10)
P = 4000·1.02^-40 ≈ 1811.56
$1811.56 must be deposited now in order to have $4000 in 10 years.
Step-by-step explanation:
You might be interested in
basically you wrote the answer
Answer is B
Answer: nearest tenth is 49.0
Step-by-step explanation:
Hope this helps!
One apple 10 fingers six flowers
Answer: Responding for points
Step-by-step explanation:
