SOLUTION: If you deposit $1,000 in your bank account, how much will be in the account
After 5 years with 6% annual interest compounded quarterly?
Show all work
Question 1102756: If you deposit $1,000 in your bank account, how much will be in the account
After 5 years with 6% annual interest compounded quarterly?
Show all work Answer by Edwin McCravy(20054) (Show Source):
where
A = what the Account will be = ?
P = the principle you start with = $1000
r = the rate 6% expressed as a decimal = 0.06
n = number of times a year interest is compounded = 4 (quarterly(
t = the number of years = 5
Plugging in:
You finish with your calculator:
Answer: $1346.855007
Edwin
