<PRE><B>Question 890023</B>
suppose that 5000 is invested at 3.5 interest, compounded quarterly find the money in the account after 3 years ?
.
Compound interest formula:
A = P(1+i/n)^(nt)
A = 5000(1+.035/4)^(4*3)
A = 5000(1+0.00875)^12
A = 5000(1.00875)^12
A = 5000*1.1102035
A = $5551.02
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