SOLUTION: Find the compound amount on deposit at the end of one year if 20,000.00 is deposited at 4% compounded quarterly.

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Question 1046837: Find the compound amount on deposit at the end of one year if 20,000.00 is deposited at 4% compounded quarterly.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = 20,000
r= annual rate = .04
n= periods per year = 4
t= years = 1
A%28t%29+=+20000%281+%2B+.04%2F4%29%5E%284%29
A%28t%29+=+20000%281.01%29%5E%284%29 Use Your calculator