SOLUTION: Andrea's savings account has a balance of $504. After 4 years, what will the amount of interest be at 5% compounded quarterly?
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Question 166532: Andrea's savings account has a balance of $504. After 4 years, what will the amount of interest be at 5% compounded quarterly?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Andrea's savings account has a balance of $504. After 4 years, what will the amount of interest be at 5% compounded quarterly?
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A(t) = P(1+(r/n))^(nt)
504 = P(1+(0.05/4))^(4*4)
504 = P(1.2199)
504 = P + P(0.2199)
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Interest = 0.2199 or 21.99%
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Cheers,
Stan H.
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