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.
Can
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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.
Can
Log On
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. Answer by mananth(16946) (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
