Consumer Math

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Franklin deposited $1,400 in a savings account that accrues simple interest at 6.75%. What is the balance in his account at the beginning of the third quarter?

  • Consumer Math -

    assuming
    (a) the deposit was made at the beginning of the 1st quarter
    (b) the interest is credited quarterly

    then after two quarters (the beginning of the third quarter), the balance is

    1400(1+2*.0675/4) = 1447.25

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