# SOLUTION: You deposit \$6,800 in a money-market account that pays an annual interest rate of 5.7%. The interest is compounded quarterly. How much money will you have after 3 years?

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 Click here to see ALL problems on Money Word Problems Question 77404: You deposit \$6,800 in a money-market account that pays an annual interest rate of 5.7%. The interest is compounded quarterly. How much money will you have after 3 years? Answer by Edwin McCravy(8999)   (Show Source): You can put this solution on YOUR website!``` You deposit \$6,800 in a money-market account that pays an annual interest rate of 5.7%. The interest is compounded quarterly. How much money will you have after 3 years? , ,, The reason n=4 is because "quarterly" means "4 times a year". Plug in the compound interest formula: or A = \$8038.40 rounded down to the nearest cent. (Banks NEVER round UP to the next penny, even though the rule we are taught is to round UP to the next penny when the third decimal place is 5 or more.) Edwin```