SOLUTION: julie would like to invest $750.00 of he earnings this week. Julie's bank offers an annual intrest rate of 3.8% compounded quarterly. How much does Julie have in her account after
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Question 805142: julie would like to invest $750.00 of he earnings this week. Julie's bank offers an annual intrest rate of 3.8% compounded quarterly. How much does Julie have in her account after two years? after two years if it is compounded quarterly? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Julie would like to invest $750.00 of her earnings this week. Julie's bank offers an annual interest rate of 3.8% compounded quarterly. How much does Julie have in her account after two years if it is compounded quarterly?
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A(t) = P(1+(r/n))^(nt)
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A(2) = 750(1+0.038/4))^(4*2) = 750(1.0095)^8 = 750*1.0786 = $808.93
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Cheers,
Stan H.
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