asmaaalk asmaaalk
  • 02-04-2020
  • Mathematics
contestada

Find the amount that is in the account if $3150 is compounded quarterly at 6% for 5 years

Respuesta :

tolulopejk tolulopejk
  • 02-04-2020

Answer:

$4242.60

Step-by-step explanation:

Principal, P = $3150

Rate = 6% = 0.06

Period, t = 5 years

Number of times compounded in a year, n = 4

Amount, A = P( 1 + r/n)^tn

A = 3150( 1 + 0.06/4)^ 5*4

A = 3150( 1 + 0.015 )^20

A = 3150( 1.015) ^20

A = 3150 *1.3468

A = $4242.60

Answer Link
christinmr2006 christinmr2006
  • 02-04-2020
The answer is 4242.60 dollers
Answer Link

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