SOLUTION: Jim opens a savings account with a deposit of $10,000. If the account has an annual interest rate of 6%, compounded quarterly, how much is in the account after one year.
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Question 448368: Jim opens a savings account with a deposit of $10,000. If the account has an annual interest rate of 6%, compounded quarterly, how much is in the account after one year.
Can you show me steps on how to work this problem. It's been years since I had algebra. Thank you so much. Found 2 solutions by mananth, ikleyn:Answer by mananth(16949) (Show Source):
You can put this solution on YOUR website! Find Amount
Principal P = 10,000
Amount= A
years=n =1
compounded 4 times a year
Rate = 6.00
Amount = P*((n+r)/n)^nt
You can put this solution on YOUR website! .
Jim opens a savings account with a deposit of $10,000. If the account has an annual interest rate of 6%,
compounded quarterly, how much is in the account after one year.
Can you show me steps on how to work this problem. It's been years since I had algebra. Thank you so much.
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The solution in the post by @manant is presented incorrectly/inaccurately.
I came to bring a correct/accurate solution in the form as it SHOULD be presented.
Principal P = 10,000
Amount = A
years = 1
compounded 4 times a year
Rate = 6% = 0.06.
