Question

The Fresh and Green Company has a savings plan for employees. If an employee

Answer 1

Answer:

$1400

Step-by-step explanation:

The Fresh and Green Company has a savings plan for employees. If an employee makes an initial deposit of $1000, the company pays 8% interest compounded quarterly. If an employee withdraws the money after five years, how much is in the account?

First you need to make 8% into a decimal.

To do that you need to move the decimal point to spaces to the left.

8. ----- 0.8 ----- 0.08

The decimal is 0.08.

Now multiply $1000 by 0.08.

Which is $80.

Now do $80 times 5 years.

which is $400 interest.

Now add $400 to $1000.

Which is $1400.