Question

If $5958 is invested in an account at 5.9% annual interest compounded quarterly, how much will be in the account in 7 years if no money is withdrawn (Round your answer to the nearest hundredth)?

Answer 1

Pretty sure in 7 years with no money withdrawn it would be $8,418.65

Explanation:

because you would find out what 5.9% of $5958 which would be $351.522 you get that by multiplying [5958*5.9%=351.522]

Then multiply 351.522 by 7 and you get 2460.654 [351.522*7=2460.654]

Finally you add 2460.654 and 5958 and you get 8418.654 [5958+2460.522=8418.654]

Then you round down .654 and you get [8418.65]