SOLUTION: (1) How much money will you have in an account after 10 years if you deposit $5000 into the account and it pays 5% annual interest (a) compounded quarterly? (b) if it is simple i

SOLUTION: (1) How much money will you have in an account after 10 years if you deposit $5000 into the account and it pays 5% annual interest (a) compounded quarterly? (b) if it is simple i

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Question 459123: (1) How much money will you have in an account after 10 years if you deposit $5000 into the account and it pays 5% annual interest (a) compounded quarterly? (b) if it is simple interest (This can be done even without a fancy calculator.)

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=5000(1+0.05/4)^4*10
A=5000*1.6436
A=$8,218
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I=5000*0.05*10
I=2500
5000+2500=$7,500
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