SOLUTION: Find the amount of money in account after 6 years if $4500 is deposited at 7% annual interest compounded quarterly.

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Question 819904: Find the amount of money in account after 6 years if $4500 is deposited at 7% annual interest compounded quarterly.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi, In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 4500

r= annual rate = .07

n= periods per year = 4

t= years =  6

A+=+4500%281%2B.07%2F4%29%5E%2824%29

A+=+4500%281.175%29%5E%2824%29