jjefferson1022p5i2h6 jjefferson1022p5i2h6

13-03-2018
Mathematics

contestada

You invest $5,000 in a savings account paying 4% interest compounded quarterly. How much is in the account after 5 years if there are no withdrawals and no additions to the account?

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SwiftSilver SwiftSilver

13-03-2018

1 years is $5200
2 years is $5408
3 years is $5624.32
4 years is $5849.29
5 years is $6083.26

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howardrussell46 howardrussell46

13-03-2018

A=P(1+R)TIME
5000(1+0.04)^5
= 6083.264512
NOTE THE 5 IS WRITTEN AS A SQUARE

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