SOLUTION: Find the balance in an account after 5 years if $2000 is invested at 6% interest compounded quarterly.

Question 854934: Find the balance in an account after 5 years if $2000 is invested at 6% interest compounded quarterly.
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
Interest would be paid each quarter, and it would be 1.5% (1/4 of 6%) of the balance.
The interest would be .
Added to the balance, the total (the new balance) is
.
After 5 years, interest would have been paid times (4 times a year) and the balance would be
$= $(rounded) = $
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