SOLUTION: If $400 is deposited in an account paying 10% compounded quarterly, then what amount will be in the account after 7 years?

SOLUTION: If $400 is deposited in an account paying 10% compounded quarterly, then what amount will be in the account after 7 years?

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Question 212937: If $400 is deposited in an account paying 10% compounded quarterly, then what amount will be in the account after 7 years?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+.10/4)^4*7
A=400(1.025)^28
A=400(1.996)
A=$798.60
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