ShaniceNierman ShaniceNierman
  • 20-07-2014
  • Mathematics
Answered

Walters savings account has a balance of $273. After 5 years, what will the amount of interest be at 5% compounded quarterly?



Answer :

Sandy1729
Sandy1729 Sandy1729
  • 20-07-2014
The answer is $350

The formula is as follows: [tex]P(1+r/n) ^{nt} [/tex]

P: Principal Amount : $273
r: Rate of interest: 5%
n: number of times the interest is compounded: 4 (Since Quarterly)
t:  number of years : 5
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