You invest an initial $1,000 in an account that has an annual interest rate of 2%, compounded quarterly. How much money will you have in the account after 5 years? Round your answer to the nearest whole number.

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- katieb

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- anonymous

help me please!

- kropot72

\[\large A=P(1+\frac{r}{n})^{nt}\]
where A is the amount of the principal P after t years, r is the annual interest rate as a decimal fraction and n is the number of compounding periods per year.
Do you follow so far?

- anonymous

yes, i'm following you.

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## More answers

- kropot72

Good. Can you now plug the given values into the equation and post the result?

- anonymous

i'm having some trouble doing this...

- kropot72

What part are you having trouble with?

- anonymous

plugging the numbers and such in...

- kropot72

Well I'll plug them in for you, and hopefully you'll see that its not very difficult.
\[\large A=1000(1+\frac{0.02}{4})^{(4\times5)}\]

- anonymous

thank you!

- kropot72

You're welcome :)

- anonymous

:)

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