SOLUTION: Trella Alcala deposited 1,950 in a new credit union savings account on the first of the quarter.The principal earns 4.25 percent interest compounded quarterly. She made no other de
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-> SOLUTION: Trella Alcala deposited 1,950 in a new credit union savings account on the first of the quarter.The principal earns 4.25 percent interest compounded quarterly. She made no other de
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Question 983777: Trella Alcala deposited 1,950 in a new credit union savings account on the first of the quarter.The principal earns 4.25 percent interest compounded quarterly. She made no other deposits or withdrawals. What was the amount in her account at the end 6 months? Answer by solver91311(24713) (Show Source):
where is the future value, is the present value, is the interest rate expressed as a decimal, is the number of compounding periods per year, and is the number of years of the investment.
Get out your calculator. You should round your answer to the nearest hundredth of a dollar because that is what the Credit Union is going to do.
John
My calculator said it, I believe it, that settles it
