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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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3 votes
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?

User Chris Lam
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2 Answers

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

User Pmko
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4 votes
1 years is $5200
2 years is $5408
3 years is $5624.32
4 years is $5849.29
5 years is $6083.26
User Barankin
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8.4k points
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