Question 452745: what will a deposit of 4500 if left in the bank for 5 years at 8% compounded quarterly? Found 2 solutions by rfer, stanbon:Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! what will a deposit of 4500 if left in the bank for 5 years at 8% compounded quarterly?
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A(t) = P(1+(r/n))^(nt)
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A(5) = 4500(1+(0.08/4))^(4*5)
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A(5) = 4500(1.02)^20 = $6686.73
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Cheers,
Stan H.