Question

Can anyone help me with simple interest Im still not 100 % sure how to solve these problems any help would be greatly apperciated

Answer 1

Thomas opened a savings account with an annual interest rate of 7% and an initial deposit of $5000. If his interest is compounded quarterly, how much is in Thomas’s account after 4 years? Round your answer to the nearest cent.

interest compounded quarterly: A = P (1 +fraction numerator r over denominator 4 end fraction)4t

Answer 2

A = 5000(1+7/4)^4x4 is this right and if it is how do I get the answer from here?

Answer 3

Do you know the formula for simple interest?

Answer 4

You filled it in properly!

Answer 5

Yes but its interest compound quartetly

Answer 6

You know pemdas right?
or order of operations

Answer 7

Here it is if you need it

Answer 8

I know pemdas not order of operations tho

Answer 9

Pemdas is the order of operations :D

Answer 10

ohhhh so () ^ x division + -

Answer 11

Yep!

Answer 12

So with A = 5000(1+7/4)^4x4 what do you think you start with?

Answer 13

so the answer would be 6599.65

Answer 14

am I right?

Answer 15

Let me check again

Answer 16

you double check too

Answer 17

is it right?

Answer 18

This is not multiple choice right?

Answer 19

nope

Answer 20

Okay just had to make sure xD

Answer 21

which answer did you get

Answer 22

Something different but i shall check one more time xD

Answer 23

what?

Answer 24

Nothing but i think you are right but I recommend getting help! ( i need to leave for a second they have a bug on my computer xD)