IM Z.
asked • 07/09/22You deposit $5000 in an account earning 7% interest compounded quarterly. How much will you have in the account in 5 years? Round your answer to the nearest cent.
Raymond B. answered • 07/09/22
A=5000(1+.07/4)^4(7)
=5000(1.0175)^28
use a calculator
=about $8127.06
general formula is A=P(1+r/n)^nt
where r= the interest rate, n=number of compounding periods per year, t = number of years
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