You have deposited $1,500 in an account that promises to pay 8% compounded quarterly for the next five years. How much will you have in the account at the end?
We use the formula:
A=P(1+r/4)^4n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=$1500*(1+0.08/4)^(4*5)
=1500*1.4859474
=$2228.92(Approx).
You have deposited $1,500 in an account that promises to pay 8% compounded quarterly for the...
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