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OpenStudy (anonymous):
You deposit $6,700 in a money-market account that pays an annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years?
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OpenStudy (wolf1728):
total = princ * (1 + rate)^n where 'n' is number of years * # of compounding periods total = 6,700 * (1+0.00825)^16 total = 6,700 * 1.1404905494 total = 7,641.29
OpenStudy (anonymous):
thank you!
OpenStudy (wolf1728):
u r welcome
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