clarycollins4899 clarycollins4899
  • 26-02-2019
  • Business
contestada

Galvin has deposited $879 in a savings account that earns interest at a rate of 1.8% compounded quarterly.what will the account balance be in 14 years?

Respuesta :

MsTeel
MsTeel MsTeel
  • 27-02-2019

$1,130.28

Formula is A = P (1 + [r/n])^(nt)

A= 879 (1+ [.018/4])^(4*14)

A= 879 (1.0045)^56

A= $1,130.28

A = future total amount

P = principle (amount initially deposited)

r = the annual interest rate (decimal)

n = times that interest is compounded per year  (quarterly is 4 times per year)

t = number of years

Answer Link

Otras preguntas

Please help i will give brainliest... what letter goes with each line?
Read the text and then the question, and choose the option with the correct answer, based on the text. Soy Pita y estoy en el metro. Estudio en la universidad e
how can we magnetise a piece of iron.
how does chapter 4 end in “Of Mice mad Men”
the following groups can be measured with statistics. order them from smallest to largest: Number of people who flew into the Philadelphia Airport in March Numb
? For which value of x is the inequality 45 - 4x < 14 true?
can you symplify 6 10/21
Descrie, intr-un scurt eseu, implicarea ta intr-o actiune de voluntariat. Indica motivatia personala
How many types of globes are there? List them
PLEASEE HELPP MEEE WITH NUMBERSSS 6 AND 7 ILL MARKK U BRAINLIEST FOR UR EFFORT FOR THE CORRECT ANSWER!!!!!!!!!!