SOLUTION: You decided to invest $500 into a savings account that compounds at a rate of 2.5% quarterly.  How much will be in the account after 15 years?

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Question 1155411: You decided to invest $500 into a savings account that compounds at a rate of 2.5% quarterly.  How much will
be in the account after 15 years?

Answer by ikleyn(52832) About Me  (Show Source):
You can put this solution on YOUR website!
.

Future value = 500%2A%281+%2B+0.025%2F4%29%5E%2815%2A4%29%29 = 726.65 dollars.    ANSWER


From the formula, the meaning of each term should be clear to you.

Solved.

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To see many other similar solved problems on compound interest accounts,  look into the lesson
    - Compound interest percentage problems
in this site ((introductory level), or into the lesson
    - Problems on discretely compound accounts
(more advanced level).