Ryan has a savings account that pays 4.5% interest annually compounded quarterly. She has not made any deposits or withdrawals for many years. Suppose that her current balance is $4,516.32. How much money was in her account 5 years ago?
Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
Not the answer you are looking for? Search for more explanations.
this is why i think econ is so bs okay.. they say 4.5% annual interest compounded quarterly
that in no way tells you that it means that every quarter the compound interest is 4.5/4 %
@steve816 you there?
now in 5 years that means the inital money was compounded 5*4 =20 times of 4.5/4%
let x be the money in the beginning
you can see why this formula comes about if you try do compound x one at a time
(x*(1+r)) money after 1 compound
(x*(1+r))*(1+r) = x*(1+r)^2 money after 2nd compound
(x*(1+r))*(1+r)*(1+r)=x*(1+r)^3 money after 3rd compound
and so on
x*(1+r)^20 = money after 20 compounds