anonymous
  • anonymous
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.
Mathematics
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anonymous
  • anonymous
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.
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
help me please!
kropot72
  • 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
  • anonymous
yes, i'm following you.

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kropot72
  • kropot72
Good. Can you now plug the given values into the equation and post the result?
anonymous
  • anonymous
i'm having some trouble doing this...
kropot72
  • kropot72
What part are you having trouble with?
anonymous
  • anonymous
plugging the numbers and such in...
kropot72
  • 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
  • anonymous
thank you!
kropot72
  • kropot72
You're welcome :)
anonymous
  • anonymous
:)

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