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.
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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):
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
