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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asked Feb 27, 2018 41.4k views

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Chintan Mirani · Answer 1 · 2018-03-03T15:41:58+0000

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

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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