Question 816923
Mike deposited $500 for 9months at 8%. Compounded quarterly 
A(t) = P(1+(r/n))^(nt)
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A(3/4) = 500(1+(0.08/4))^(4*(3/4))
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A) How many times was interest added to Mike's account?
Ans: 4*(3/4) = 3
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B) What percent intrest was added each time?
Ans: 0.08/4 = 0.02 = 2%
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C) What was the balance in Mike's account at the end of one year?
A(1) = 500(1+(0.08/4))^(4*1)
A(1) = 500(1.02)^4
A(1) = $541.22
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Cheers,
Stan H.
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