SOLUTION: Juanita Finn deposits $42,000 into Valley Bank that pays interest of 8%, compounded quarterly. At the end of five years, how much will Juanita have in her account?

Question 1025717: Juanita Finn deposits $42,000 into Valley Bank that pays interest of 8%, compounded quarterly. At the end of five years, how much will Juanita have in her account?
Found 2 solutions by Cromlix, MathTherapy:
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
100% + 8% = 108%
108% = 108/100 = 1.08
quarterly = every 3 months
Number of 3 month periods in 5 years
= 20
$42,000 x 1.08^20 = $195,760.20
Hope this helps :-)
Answer by MathTherapy(10557) (Show Source): You can put this solution on YOUR website!

Juanita Finn deposits $42,000 into Valley Bank that pays interest of 8%, compounded quarterly. At the end of five years, how much will Juanita have in her account?

Amount after 5 years:
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