SOLUTION: You deposit $1,200.00 in an account that pays 5% annual interest. After 10 years, you withdraw the money. Find the balance in the account if the interest was compounded quarterly
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-> SOLUTION: You deposit $1,200.00 in an account that pays 5% annual interest. After 10 years, you withdraw the money. Find the balance in the account if the interest was compounded quarterly
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Question 678521: You deposit $1,200.00 in an account that pays 5% annual interest. After 10 years, you withdraw the money. Find the balance in the account if the interest was compounded quarterly.
Here's what I did. Am I right?
A = P(1 + r/n)to the nt power
A = 1200(1 + .05/4) exp 4X10
A = 1972.34 Answer by jim_thompson5910(35256) (Show Source):
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