Question

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Question
If you deposit $600 into an account which earns 4% yearly interest compounded quarterly,
how much will be in the account after 7 years, assuming you never withdraw money from
the account? Round your answer to the nearest cent if necessary and do not include the
dollar sign.
Provide your answer below:

Answer 1

let's see what to do buddy...

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Step (1)

We have 600 $ .

One year later ;

`600 + (600) * (4)/(100) = 600 + 24 = 624 \\`

Now we have 624 $.

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Step (2)

One year later :

`624 + (624) * (4)/(100) = 624 + 24.96 = \\ 624 + 25 = 649`

After two years we have 649 $.

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Step (3)

One year later :

`649 + (649) * (4)/(100) = 649 + 25.96 \\ 649 + 26 = 675`

After three years we have 675 $.

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Step (4)

One year later :

`675 + (675) * (4)/(100) = 675 + 27 = 702 \\`

So after four years we have 702 $.

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Step (5)

One year later :

`702 + (702) * (4)/(100) = 702 + 28.08 \\ 702 + 28 = 730`

After five years we have 730 $.

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Step (6)

One year later :

`730 + (730) * (4)/(100) = 730 + 29.20 \\ 730 + 29 = 759`

So After six years we have 759 $.

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Step (7)

One year later :

`759 + (759) * (4)/(100) = 759 + 30.36 \\ 759 + 30 = 789`

So after seven years we have 789 $.

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There's no any more steps.

And we're done.

Thanks for watching buddy good luck.

♥️♥️♥️♥️♥️

Answer 2

4,368

Explanation:

take 600 and add 4% to get 624

then take the 624 and multiply by 7

and the answer is 4,368