SOLUTION: Anthony deposits $2500 in a savings account that pays 4.5% interested compounded quarterly. How much will he have after 2 years? 4 years?
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Question 1174610: Anthony deposits $2500 in a savings account that pays 4.5% interested compounded quarterly. How much will he have after 2 years? 4 years?
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
First, convert percent to a decimal
per year,
years
Then, solve our equation for
Summary:
The total amount accrued, principal plus interest from compound interest on an original principal of $ at a rate of % per year compounded times per year over years is $.
per year,
years
Then, solve our equation for
Summary:
The total amount accrued, principal plus interest from compound interest on an original principal of $ at a rate of % per year compounded times per year over years is $.
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