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At age 10​, a person deposits ​$385 in a savings account paying ​%2 interest compounded quarterly. How much money will be in the account 60 years​ later, when he is 70 years​ old? Would his savings have double in that​ time?

User Sterls
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1 Answer

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Answer:

Interest rate = .02 / 4 = .005 per quarter for 240 quaarters

A = 385 (1 + 005)^240

A = 3.31 * 385 =$1274

Yes, it would double

User Tzenes
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