Post a New Question

math

posted by on .

June made an initial deposit of $5000 in an account for her son. Assuming an interest rate of 7% compounded quarterly, how much will the account be worth in 11 years? Round to the nearest cent. Can someone help me with this problem?

  • math - ,

    Use the compound interest formula ...

    amount
    = 5000(1 + .07/4)^44
    = 5000(1.0175)^44
    = 10727.15

  • math - ,

    how much will i get

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question