SOLUTION: A bank pays an annual interest rate of 3% compounded quarterly. If the initial deposit (or principal) is Php 50,000, find the balance after 5 years.
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Question 977243: A bank pays an annual interest rate of 3% compounded quarterly. If the initial deposit (or principal) is Php 50,000, find the balance after 5 years.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The future value, 
, of a single investment, 
, at an annual interest rate of 
percent, for 
years, compounded 
times per year is given by:
^{nt})
You have all the numbers. Plug them in and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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