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You invest 5,000 in a savings account paying 4% interest compounded quarterly. How much is in the account after 5 years

Solución

You invest 5, 000 in a savings account paying 4% interest compounded quarterly. How much is in the account after 5 years

Solución

Amount : 6100.95

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{4})^{4 \cdot 5}

5000 (1 + \frac{0.04}{4})^{4 \cdot 5} = 6100.95019 \dots

Round to the nearest hundredth:

6100.95

Amount : 6100.95

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