Concept explainers
To find: Final amount in customer`s account after 2 years and 5 years, when interest is paid compounded quarterly.
Answer to Problem 19CT
Final amount after 2 years is $2217.71 and after 5 years it is $2589.52.
Explanation of Solution
Given information: Initial deposit is $2000 that pays 5.2% compounded quarterly.
Formula used: Any final amount A showing growth, when interest is compounded quarterly is given by the formula,
where A is last amount, P is initial amount, r is rate of interest, n is periods of interest and t is time.
Calculation: For amount after 2 years : Plug
In case of 5 years duration, value of t is 5, hence,
Conclusion: So, total amount in saving account after 2 years is $2217.71 and after 5 years it is $2589.52
Chapter 7 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
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