SOLUTION: Jim Marino invested 1500 in a savings account that earns 4% interest compounded quarterly. Use the compound interest formula A= (1+r/n)^nt to determine the amount in Jim's account

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Jim Marino invested 1500 in a savings account that earns 4% interest compounded quarterly. Use the compound interest formula A= (1+r/n)^nt to determine the amount in Jim's account      Log On

 

Hi, In General 

A = Accumulated Amount

P= principal = 1500

r= annual rate = .04

n= periods per year = 4

t= years =  5