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Alex invests $12,500 in a savings account that pays 5% interest compounded quarterly. Approximately how much money will he have in the account after 10 years?
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Alex invests $12,500 in a savings account that pays 5% interest compounded quarterly. Approximately how much money will he have in the account after 10 years?

User Ara Yeressian
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1 Answer

3 votes
A = P (1 + r/n) (nt)
A = the future value of the investment
P = (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

User Chintan Mirani
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8.1k points
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