kelliestephens kelliestephens

23-08-2017
Mathematics

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You deposit $1,000 for 4 years at an interest rate 2.0%.If the interest is compounded quarterly ,how much money do you have after the four years?

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choixongdong choixongdong

23-08-2017

A = P (1 + r/n)^nt
A = 1000(1 + 0.02/4)^16
A = 1000(1.005)^16
A = 1083.07

answer
$1,083.07 after the four years

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