math

posted by .

You deposit $6,700 in a money-market account that pays an annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years?

  • math -

    how many quarter years in 4 years
    4*4 = 16 quarters

    quarterly interest rate = .033/4 = .00825

    so every quarter we multiply what we have by 1.00825

    16 times we do that so
    1.00825^16 = 1.140490549

    now multiply that by the starting amount 6700

    = $7,641.29

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    You deposit $2200 in an account that pays 3% annual interest. After 15 years, you withdraw the money, what is the balance if the interest is compounded quarterly?
  2. Alg2

    Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the …
  3. Alg 2

    Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money …
  4. math

    Samantha opened a savings account and deposited some money into the account. The account pays an annual simple interest rate of 5%. After 9 years, the interest earned on the account was $1,800. How much money did Samantha deposit in …
  5. Math

    If you deposit P dollars into a bank account paying an annual interest rate r, with n interest payments each year, the amount A you would have after t years is A=P(1+r/n)^nt. Kevin places $100 in a savings account earning 6% annual …
  6. Math

    You deposit $6,700 in a money-market account that pays and annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years
  7. pride

    you deposit 7900 in a money market account that pays a intrest rate of 4.3% the intrest is compounded quarterly how much money will you have after 3 years
  8. math

    You deposit $7,900 in a money-market account that pays an annual interest rate of 4.3%. The interest is compounded quarterly. How much money will you have after 3 years?
  9. magh

    suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded annually. …
  10. algebra

    Compound interest word problem. Suppose JJ has $1000 that he invests in an account that pays 3.5% interest compounded quarterly. How much money does JJ have at the end of 5 years?

More Similar Questions