SOLUTION: Jim opens a savings account with a deposit of 10,000. If the account has an annual interest rate of 6%, compounded quarterly, how much is in the account after one year? (Assume tha
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Question 366963: Jim opens a savings account with a deposit of 10,000. If the account has an annual interest rate of 6%, compounded quarterly, how much is in the account after one year? (Assume that he does not make any withdrawals. Round your answer to the nearest cent.)
Need help in finding formula to solve the problem along with step by step actions to work problem out please?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+0.06/4)^1*4
A=10000(1.015)^4
A=10000*1.0614
A=10614.00
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