SOLUTION: 6) You invest $100,000 in an account with 1.01% interest, compounded quarterly. Assume you don’t touch the money or add money other than the earned interest.
a) Write an equatio
Question 1175245: 6) You invest $100,000 in an account with 1.01% interest, compounded quarterly. Assume you don’t touch the money or add money other than the earned interest.
a) Write an equation that gives the amount of money, y, in the account after x years.
b) How much money will you have in the account after 10 years? (5 pts)
c) How much money will you have in the account after 25 years? (5 pts) Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Hi
y = Accumulated Amount
P= principal = $100,000
r= annual rate = .0101
n= periods per year = 4
x= years
b 10 years:
c 25 years:
Use Your Calculator
Wish You the Best in your Studies.