SOLUTION: Find the balance in the accoubt: $2,400 principal earning 2%, compounded quarterly, after 7 years

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Question 722013: Find the balance in the accoubt: $2,400 principal earning 2%, compounded quarterly, after 7 years
Answer by stanbon(75887) About Me  (Show Source):
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Find the balance in the account: $2,400 principal earning 2%, compounded quarterly, after 7 years
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A(t) = P(1+(r/n))^(nt)
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A(7) = 2400(1+(0.02/4))^(4*7)
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A(7) = 2400*1.1499
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A(7) = $2759.69
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Cheers,
Stan H.