SOLUTION: A bank pays an annual interest rate of 3% compounded quarterly. If the initial deposit (or principal) is Php 50,000, find the balance after 5 years.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A bank pays an annual interest rate of 3% compounded quarterly. If the initial deposit (or principal) is Php 50,000, find the balance after 5 years.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 977243: A bank pays an annual interest rate of 3% compounded quarterly. If the initial deposit (or principal) is Php 50,000, find the balance after 5 years.
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


The future value, , of a single investment, , at an annual interest rate of percent, for years, compounded times per year is given by:



You have all the numbers. Plug them in and do the arithmetic.

John

My calculator said it, I believe it, that settles it