SOLUTION: what will a deposit of 4500 if left in the bank for 5 years at 8% compounded quarterly?

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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) About Me  (Show Source):
You can put this solution on YOUR website!
A=4500(1+0.08/4)^4*5
A=4500(1.02)^20
A=4500*1.48595
A=$6686.78

Answer by stanbon(75887) About Me  (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.