document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1134286>Question 1134286</A>: <I><SPAN STYLE=\"word-break: break-all;\"> $24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers to two decimal places.)\r<BR>\n" );
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document.write( "Calculate the interest earned if interest is compounded quarterly. </SPAN>\n" );
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document.write( "The annual interest rate is 7%; the quarterly interest rate is one-fourth of that, 1.75%.<br><BR>\n" );
document.write( "Each quarter, the value of the account increases by 1.75%; the growth factor is 1+.0175 = 1.0175.<br><BR>\n" );
document.write( "5 years is 5*4=20 quarters; the growth factor gets applied 20 times.  The value at the end of 5 years is<br><BR>\n" );
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document.write( "Use a calculator. </SPAN>\n" );
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