MiladTaher MiladTaher
  • 03-01-2018
  • Mathematics
contestada

Investing $5,000 in a savings account at 2% annual interest compounded quarterly will result in approximately how much money after 10 years? Use the formula: A=P⁢(1+rm)m⁢t

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altavistard
altavistard altavistard
  • 09-01-2018

A = $5000 (1 + 0.02/4)^(4*10)

    = $5000 ( 1.005 )^40

    =  $5000 ( 1.221) = $6103.97 (rounded to the nearest cent)
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