document.write( "Question 77404: You deposit $6,800 in a money-market account that pays an annual interest rate of 5.7%. The interest is compounded quarterly. How much money will you have after 3 years?
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Algebra.Com's Answer #55601 by Edwin McCravy(20056) $\"\"$ $\"About$

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document.write( "You deposit $6,800 in a money-market account that pays \r\n" );
document.write( "an annual interest rate of 5.7%. The interest is \r\n" );
document.write( "compounded quarterly. How much money will you have after \r\n" );
document.write( "3 years?\r\n" );
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document.write( ", ,, \r\n" );
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document.write( "The reason n=4 is because \"quarterly\" means \"4 times a year\". \r\n" );
document.write( "Plug in the compound interest formula:\r\n" );
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document.write( "or A = $8038.40 rounded down to the nearest cent.\r\n" );
document.write( "(Banks NEVER round UP to the next penny, even though \r\n" );
document.write( "the rule we are taught is to round UP to the next \r\n" );
document.write( "penny when the third decimal place is 5 or more.)\r\n" );
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document.write( "Edwin

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