SOLUTION: A couple invest $5700 in an account paying 7%, compounded quarterly. How much is in the account after one year?
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Question 666485: A couple invest $5700 in an account paying 7%, compounded quarterly. How much is in the account after one year?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 5700
Amount= A
years=n 1.00
compounded 4 times a year t
Rate = 7.00 0.07
Amount = P*((n+r)/n)^n*t
Amount =5700*(1+0.07/t)^1*4
Amount =5700*(1+0.02)^4
5700 *( 1.02 )^ 4
Amount = $6109.60
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