contestada

na
You deposit $5000 in a savings acount for 8 years You earn interest at a rate of 4% compunded
quarterly. At the end of the 8 years, how much money in total will be in the account? Give your
answer rounded to 2 decimal places and do not use a S.​

Respuesta :

qop

Answer:

6,874.70

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

[tex]P(1+\frac{r}{n} )^{nt}[/tex]

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Now lets plug in the values into the equation.

[tex]5,000(1+\frac{0.04}{4})^{8(4)}[/tex] = 6,874.70

Your answer is 6,874.70.

Otras preguntas