Barbara R.

asked • 09/05/13

Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank....

Gen is interested in seeing how the money grows. Her mom suggests that she takes the money in her piggy bank and deposits it in a local bank paying 8.5% compounded quarterly. IF she finds $700 in the piggy bank, how much will it grow to in 10 years?
 
 
would i multiply the 8.5% by 4 then use the FV formula? 

2 Answers By Expert Tutors

By:

Jason T. answered • 09/05/13

Master's degree in math education

Kirill Z. answered • 09/05/13

Physics, math tutor with great knowledge and teaching skills

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.