A deposit of $6000 is made in an account that earns 6% interest compounded quarterly. The balance in the account after n quarters is given by the sequence Find the balance in the account after five years.

asked Oct 16, 2018 216k views

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6 votes

amount here is 6000
interest 6% =6/100= (r/100)*1/4
time is 5 yrs
solve this

ThrawnCA answered Oct 19, 2018

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5 votes

A=p(1+i/m)^mn
A=6,000×(1+0.06÷4)^(20)
=8,081.13

Rahshawn answered Oct 21, 2018

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