SOLUTION: $1200.00 is deposited into an account that earns 6.5% interest,which is compounded four times per year.How much money will be in the account after 6 years?
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Question 1125956: $1200.00 is deposited into an account that earns 6.5% interest,which is compounded four times per year.How much money will be in the account after 6 years? Answer by ikleyn(52803) (Show Source):
The post does not say if the sum of $1200.00 was deposited only once or is deposited every quarter.
So, by default, I will assume that the starting amount was deposited only once.
Then the solution is as follows:
= = 1766.83.
If your problem assumes differently, then edit your post correspondingly and re-submit it.
