SOLUTION: Suppose you deposit $2000 into an account earning 5% intrest compound quarterly. To the nearest dollar, what is the balance after 4 years?
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Question 636161: Suppose you deposit $2000 into an account earning 5% intrest compound quarterly. To the nearest dollar, what is the balance after 4 years?
Answer by Tatiana_Stebko(1539) (Show Source): You can put this solution on YOUR website!
Formula
-present value
- annual nominal interest rate (as a decimal, not in percentage)
number of times the interest is compounded per year
number of years
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