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.
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Question 448368: 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.
Can you show me steps on how to work this problem. It's been years since I had algebra. Thank you so much.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 10,000
Amount= A
years=n =1
compounded 4 times a year
Rate = 6.00
Amount = P*((n+r)/n)^nt
Amount =10000*(1+0.02)^ 1*4
Amount = 10000 *(1+0.02)^4
=10000 *(1.02)^4
Amount =10613.64
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