SOLUTION: find the amount of money in an account after 7 years if $4100 is deposited at 6% annual interest compounded quarterly. ASSUME NO MONEY is withdrawn A) $6164.88 B) $6201

Algebra ->  Customizable Word Problem Solvers  -> Travel -> SOLUTION: find the amount of money in an account after 7 years if $4100 is deposited at 6% annual interest compounded quarterly. ASSUME NO MONEY is withdrawn A) $6164.88 B) $6201      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 860420: find the amount of money in an account after 7 years if $4100 is deposited at 6% annual interest compounded quarterly. ASSUME NO MONEY is withdrawn
A) $6164.88 B) $6201.62
C) $6220.61 D) $6233.52
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

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

A = Accumulated Amount

P= principal = 

r= annual rate = .

n= periods per year = 

t= years =

A%287%29+=+4100%281%2B+.06%2F4%29%5E%284%2A7%29 = $6220.61 (rounded to nearest penny)