MiladTaher MiladTaher

03-01-2018
Mathematics

contestada

Investing $5,000 in a savings account at 2% annual interest compounded quarterly will result in approximately how much money after 10 years? Use the formula: A=P⁢(1+rm)m⁢t

Respuesta :

altavistard altavistard

09-01-2018

A = $5000 (1 + 0.02/4)^(4*10)

= $5000 ( 1.005 )^40

= $5000 ( 1.221) = $6103.97 (rounded to the nearest cent)

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