SOLUTION: Jim Marino invested 1500 in a savings account that earns 4% interest compounded quarterly. Use the compound interest formula A= (1+r/n)^nt to determine the amount in Jim's account

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Question 822506: Jim Marino invested 1500 in a savings account that earns 4% interest compounded quarterly. Use the compound interest formula A= (1+r/n)^nt to determine the amount in Jim's account after 5 years.
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi, In General
A = Accumulated Amount
P= principal = 1500
r= annual rate = .04
n= periods per year = 4
t= years = 5

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