Suppose that when your friend was born, your friend's parents deposited $6000 in an account paying 4.2% interest compounded quarterly. What will the account balance be after 19 years?

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asked May 13, 2020 159k views

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Suppose that when your friend was born, your friend's parents deposited $6000 in an account paying 4.2% interest compounded quarterly. What will the account balance be after 19 years?

Mathematics
middle-school

Dwayne Robinson asked

by Dwayne Robinson

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2 Answers

4 votes

Answer:

$13,523.10

Explanation:

Serhii Yakovenko answered May 15, 2020

by Serhii Yakovenko

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2 votes

Answer:

In 19 years you will have $13,523.10

Explanation:

Formula for compound interest:

Suppose that when your friend was born, your friend's parents deposited $6000 in-example-1

Thomas Cook answered May 20, 2020

by Thomas Cook

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