SOLUTION: Calculate the amount of money in the savings account at the end of six months. The principal is $100, the rate is 10% and the interest is compounded quarterly.

Question 606626: Calculate the amount of money in the savings account at the end of six months. The principal is $100, the rate is 10% and the interest is compounded quarterly.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

Calculate the amount of money in the savings account at the end of six months.

  The principal is $100, the rate is 10% and the interest is compounded quarterly.

Note:  In General: 

A = Accumulated Amount 

P= principal = $100

r= annual rate = .10

m= periods per year = 4

t= years = .5





A= $105.06

 

RELATED QUESTIONS

A savings account of $3500 is left for 9 months and draws simple interest at a rate of... (answered by MathLover1,MathTherapy)
Calculate the amount of money you will have in an account at the end of the five years... (answered by cta1987)
For Adam's tenth birthday, his grandparents opened a savings account in his name. They... (answered by stanbon)
The principal represents an amount of money deposited in a savings account subject to... (answered by Theo)
The principal represents an amount of money deposited in a savings account subject to... (answered by Solver92311)
The principal represents an amount of money deposited in a savings account subject to... (answered by Solver92311)
The principal represents an amount of money deposited in a savings account subject to... (answered by Solver92311)
If a bank compouundsinterest annually (once each year), then the amount of money, A, in a  (answered by stanbon)
you started a job and got paid at the end of the month and decided to put 1000.00 peso... (answered by Theo)