SOLUTION: Suppose that2000 is invested at a rate of 3.2% compounded quarterly. Assuming that no withdrawals are made, find the total amount after 5 years.

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Question 1153998: Suppose that2000 is invested at a rate of 3.2% compounded quarterly. Assuming that no withdrawals are made, find the total amount after 5 years.
Answer by josgarithmetic(39625) About Me  (Show Source):
You can put this solution on YOUR website!
Five years of quarterly periods is 20 quarterly periods.

3.2% per year cut into quarterly portions is 0.8%.


2000%2A1.008%5E20--------------balance after five years if no withdrawals