SOLUTION: You deposit $5,900 in an account earning 7.5% interest compounded quarterly. How much will you have in the account after 5 years?
Use n=12 for monthly compounding,n=4 for quart
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Question 1059598: You deposit $5,900 in an account earning 7.5% interest compounded quarterly. How much will you have in the account after 5 years?
Use n=12 for monthly compounding,n=4 for quarterly compounding, n=2 for semiannual compounding, and n=1 for annual compounding.)
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
5900(1+0.075/4)^(4*5) = 8,554.69
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