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You deposit $7,900 in a money-market account that pays an annual interest rate of 4.3%. The interest is compounded quarterly. How much money will you have after 3 years?

You deposit $7,900 in a money-market account that pays an annual interest rate of 4.3%. The interest is compounded quarterly. How much money will you have after 3 years?
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You deposit $7,900 in a money-market account that pays an annual interest rate of 4.3%. The interest is compounded quarterly. How much money will you have after 3 years?

User Bryanjez
by
8.5k points

1 Answer

4 votes
A=7,900×(1+0.043÷4)^(4×3)
A=8,981.57
User Irshad Ahmad
by
8.7k points
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