SOLUTION: $10000 is invested for 10 years with an APR of 4% and quarterly compounding.
The balance in the account after 10 years is
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Question 1204518: $10000 is invested for 10 years with an APR of 4% and quarterly compounding.
The balance in the account after 10 years is
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
COMPOUND INTEREST
A=P(1+(r/n)^nt
Where:
A = the future balance
P = the principal amount = $10,000
r = annual interest rate = 4% or 0.04
n = 4 (quarterly)
t = the number of years = 10
Plug these values into the formula
A = 10000(1 + 0.04/4))^(4*10)
$14,888.64
The balance in the account after 10 years $14,888.64
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