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October 21, 2014

October 21, 2014

Posted by **Vesone** on Sunday, April 1, 2007 at 9:34pm.

If Joe deposits $12,000 into an account that yields 3% annual interest, how much will be in the account after 5 years if interest is compounded: quarterly.

I get around 13,000 but the answer is for 14,000, can anyone tell me what I'm doing wrong?

12000*(1+.03/4)

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