SOLUTION: If you deposit $1,000 in your bank account, how much will be in the account After 5 years with 6% annual interest compounded quarterly? Show all work

Question 1102756: If you deposit $1,000 in your bank account, how much will be in the account
After 5 years with 6% annual interest compounded quarterly?
Show all work
Answer by Edwin McCravy(20054) (Show Source): You can put this solution on YOUR website!



where 

A = what the Account will be = ?
P = the principle you start with = $1000
r = the rate 6% expressed as a decimal = 0.06
n = number of times a year interest is compounded = 4 (quarterly(
t = the number of years = 5

Plugging in:



You finish with your calculator:

Answer: $1346.855007

Edwin

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