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math

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Ann deposited $4000 into an account with 5.2 interest, compounded quarterly. Assuming that no withdrawals are made, how much will she have in the account after 3 years?

  • math -

    P=principal ($4000) or present value
    r=interest rate per period (5.2% p.a.= 1.3% per quarter)
    n=number of periods (3*4 quarters = 12)

    Amount after 3 years (future value)
    =P(1+r)^n
    =4000(1.013)^12
    = ?

  • math -

    Chris deposited $4,000 into an account with 2.6% interest, compounded quarterly. Assuming that no withdrawals are made how much will he have in the account after 4 years?

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