Question

If you deposit $4500 at 5% annual interest compounded quarterly, how much money will be in the account after 10 years?

$ 7,396.29

$31,679.95

$7,330.03

$47,250.00

Answer 1

you'll need to know the compound interest formula in order to solve this problem.
the formula is written as such :

`a = p(1 + (r)/(n) ) ^(nt)`

a is the amount

p is the principal (the amount you start with

r is the interest rate (make sure to write as a decimal)

n is the amount of time interest is compounded

t is time (years)

Answer 2

The answer to your question is $7,330.03! Hope it help!