Homework Help: ALGEBRA

Posted by Demie on Sunday, May 27, 2012 at 10:01pm.

Find the ending balance in an account that opens with $5,000, earns 7.5% interest compounded quarterly, and is held for 20 years. (Round your answer to the nearest cent.)

ALGEBRA - Reiny, Sunday, May 27, 2012 at 11:12pm
i = .075/4 = .01875
n = 20(4) = 80 quarters

amount = 5000(1.01875)^80
= ....

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