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anonymous
 one year ago
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.
anonymous
 one year ago
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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kropot72
 one year ago
Best ResponseYou've already chosen the best response.1\[\large A=P(1+\frac{r}{n})^{nt}\] 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
 one year ago
Best ResponseYou've already chosen the best response.0yes, i'm following you.

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1Good. Can you now plug the given values into the equation and post the result?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i'm having some trouble doing this...

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1What part are you having trouble with?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0plugging the numbers and such in...

kropot72
 one year ago
Best ResponseYou've already chosen the best response.1Well I'll plug them in for you, and hopefully you'll see that its not very difficult. \[\large A=1000(1+\frac{0.02}{4})^{(4\times5)}\]
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