SOLUTION: You decided to invest $500 into a savings account that compounds at a rate of 2.5% quarterly.  How much will be in the account after 15 years?

Question 1155411: You decided to invest $500 into a savings account that compounds at a rate of 2.5% quarterly.  How much will
be in the account after 15 years?

Answer by ikleyn(52832) (Show Source): You can put this solution on YOUR website!
.


Future value =  = 726.65 dollars.    ANSWER


From the formula, the meaning of each term should be clear to you.

Solved.

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To see many other similar solved problems on compound interest accounts, look into the lesson
- Compound interest percentage problems
in this site ((introductory level), or into the lesson
- Problems on discretely compound accounts
(more advanced level).

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