SOLUTION: a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5=
Question 208074: a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5= Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5=
Amt = $2000
Int = 8% per year
Quarterly for 5 years
--> 2000*(1+0.08/4)^4*5
= 2000*(1.02)^20 = 2000*1.48594...
= $2971.89
