121k views
4 votes
if you deposit $4500 at 5% annual interest compounded quarterly, how much money will be in the account after 10 years?

1 Answer

2 votes
$7,396.29 is your Answer for the quarterly compounded interest of $4,500.

A = P (1 + r/n) (nt)Where:A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

User Kevboh
by
7.8k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories