SOLUTION: how much money will there be in an account at the end of 7 years if $11000 is deposited at 3% interest compounded quarterly?
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Question 947518: how much money will there be in an account at the end of 7 years if $11000 is deposited at 3% interest compounded quarterly?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
how much money will there be in an account at the end of 7 years if $11000 is deposited at 3% interest compounded quarterly?
.
compound interest formula:
A = P(1 + i/n)^(nt)
.
Plug in the given values:
A = 11000(1 + .03/4)^(4*7)
A = 11000(1.0075)^28
A = $13559.83
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