SOLUTION: How much money will there be in an account at the end of 7 years if $3,000 is deposited at 6% compounded quarterly?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How much money will there be in an account at the end of 7 years if $3,000 is deposited at 6% compounded quarterly?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 938090: How much money will there be in an account at the end of 7 years if $3,000 is deposited at 6% compounded quarterly?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
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%28t%29+=+3000%281%2B.06%2F4%29%5E%284%2A7%29
A%28t%29+=+3000%281.015%29%5E%2828%29 = $4,551.67