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anonymous
 one year ago
Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compounded quarterly, how much is in Jeffrey’s account after 2 years?
anonymous
 one year ago
Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compounded quarterly, how much is in Jeffrey’s account after 2 years?

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Anyone? my guess is 1411.97

radar
 one year ago
Best ResponseYou've already chosen the best response.0Think.......read the problem again....It is a savings account, you are not suppose to lose money in a savings account. You can assume the answer will be more than what he put in.

radar
 one year ago
Best ResponseYou've already chosen the best response.0Step 1. Look up the compound interest rate formula. Post it when you got it and then we can walk you thru it.

radar
 one year ago
Best ResponseYou've already chosen the best response.0Here is a version that I use: \[A=P(1 + r/n)^{nt}\] Where A is the account balance. P is the principal amount. r is the interest rate in decimal n is the number of compounds per years t is the number of years.
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