Posted by **patrice** on Saturday, April 24, 2010 at 7:00pm.

Cindy deposited $1,000 in an account that pays 12% interest compounded quarterly. How much money will Cindy have in the account after 7 years?

- college math -
**Damon**, Saturday, April 24, 2010 at 9:23pm
7*4 = 28 periods

r = 12/4 = 3% per period

1000 * (1.03)^28 = 2287.93

- college math -
**Mike**, Sunday, April 25, 2010 at 6:18pm
A = P(1+(r/n))^(nt)

A=Amount present after interest compounded

P=Initial Deposit

r=rate expressed as decimal

n=# of times interest is received in one year. (Look for keywords: quarterly = 4)

t=timespan of investment

A=1000(1+(0.12/4))^(4*7)

A=$2287.93

Confirms Damon's answer.

## Answer this Question

## Related Questions

- math - Choi deposited $2500 in a savings account that pays 4.75% interest ...
- math - Samantha opened a savings account and deposited some money into the ...
- Math - Please check my work, thank you If $7,800 is deposited into an account ...
- 6 grade algebra - cindy earns 6% simple interest each year on her savings ...
- Math - (a) Themba wants to deposit a sum of money into a savings account so that...
- Math - Bermie deposited $ 4000 into an account that pays 45/a compounded ...
- math - You deposit $7,900 in a money-market account that pays an annual interest...
- Math - You deposit $6,700 in a money-market account that pays and annual ...
- math - You deposit $6,700 in a money-market account that pays an annual interest...
- math - Ann deposited $4000 into an account with 5.2 interest, compounded ...

More Related Questions