Question 894744
A savings account earns 4% annual interest compounded quarterly. How much interest would $500 earn if it was invested for one year?
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1 yr = 4 quarters
4%/yer = 1% per quarter
FV = PV*(1.01)^4
FV = 500*(1.01)^4 = $520.30
Interest = $20.30
Not very interesting