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OpenStudy (anonymous):
If you invest $5,000 at 1.8 percent for 5 years, compounded quarterly, what is the amount in the account at the end of 5 years?
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OpenStudy (anonymous):
whats the answers?
OpenStudy (blake57roger):
I=prt I is interest I is equal to p(principle- base amount) times r(rate) times t(time)
OpenStudy (welshfella):
No - that is simple interest
OpenStudy (welshfella):
compound interest is A = P(1 + (r/n))^nt
OpenStudy (welshfella):
where P = principle(starting amount), r = annual rate (as a decimal), n = number of times paid per year and t = time in years
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