A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

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?

  • This Question is Closed
  1. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Anyone? my guess is 1411.97

  2. radar
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Think.......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.

  3. radar
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Step 1. Look up the compound interest rate formula. Post it when you got it and then we can walk you thru it.

  4. radar
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Here 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.

  5. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.