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You deposit $7,900 in an account that pays 1.29% annual interest. Find the balance after 5 years when theinterest is compounded quarterly.

•$10,293.78

•$8,132.89

•$9,378.23

•$8,425.47

User AnthonyF
by
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1 Answer

2 votes

Answer:

8,425.47

Explanation:

Total Principal: $7,900.00

Total Interest: $525.47

interest rate of 1.29% compound quarterly is equivalent to annual rate of 1.296%

User Jerbenn
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