SOLUTION: if you deposit $2500 for 3 years at a 5.7% interest compounded quarterly, how much money will there be in the acount?
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Question 551881: if you deposit $2500 for 3 years at a 5.7% interest compounded quarterly, how much money will there be in the acount?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Start with the compound interest formula
Plug in , (the decimal equivalent of 5.7%), and .
Evaluate to get
Add to to get
Multiply and to get .
Evaluate to get .
Multiply and to get .
Round to the nearest hundredth (ie to the nearest penny).
So there will be $2,962.65 in the acount
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