Question

Use the following information to answer the question that follows:

5 years ago Mayra began depositing money into a bank account every quarter that earns 6% compounded
quarterly. The account now has $6000 in it. How much did Mayra deposit into the account quarterly?
For the question above, what is the value of n?
A. n=52
B. n=1
C. n=NA
D. n=12
E. n=4

Answer 1

E. n=4

Explanation:

"compounded quarterly" meaning 4.