SOLUTION: If you put $1,000 in a savings account with a 5% nominal rate of interest compounded quarterly, what will the investment be worth in 6 years (round to the nearest dollar)? $1,0

Question 859114: If you put $1,000 in a savings account with a 5% nominal rate of interest compounded quarterly, what will the investment be worth in 6 years (round to the nearest dollar)?
$1,003
$1,132
$1,228
$1,347

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

 In General 

A = Accumulated Amount

P= principal = 

r= annual rate = .

n= periods per year = 

t= years =

 

A = $1347 (to the nearest dollar)

 

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