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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.
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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. Round

User Joshwilsonvu
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2 Answers

6 votes
amount here is 6000
interest 6% =6/100= (r/100)*1/4
time is 5 yrs
solve this
User ThrawnCA
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9.2k points
5 votes
A=p(1+i/m)^mn
A=6,000×(1+0.06÷4)^(20)
=8,081.13
User Rahshawn
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7.8k points
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