Question

Can anyone help me with quarterly compounded interest any help would mean a lot need help asap questions in commments

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 a=5000(1+7/4) ^4x4

Answer 2

The compound interest equation is
\[\Large A = P\left(1+\frac{r}{n}\right)^{n*t}\]

Answer 3

A = final amount after t years
P = initial deposit
r = interest rate in decimal form
n = number of times the money is compounded per year
t = number of years

Answer 4

In this case

A = unknown
P = 5000 dollars
r = 0.07 (7% = 7/100 = 0.07)
n = 4 (quarterly ---> 4 times a year)
t = 4 years

Answer 5

\[\Large A = P\left(1+\frac{r}{n}\right)^{n*t}\]

\[\Large A = 5000\left(1+\frac{0.07}{4}\right)^{4*4}\]

\[\Large A = ??\]

I'll let you compute the result

Answer 6

828245 ^ is what I got thank you for the help if your still on am I right?

Answer 7

that's way too big

Answer 8

type `5000*(1+0.07/4)^(4*4)` into a calculator


http://web2.0calc.com/

Answer 9

let me know what you get @stylesprettygirl

Answer 10

6599.65

Answer 11

I got that as well

Answer 12

Thank you soooooo much. Your the beeesssstttt

Answer 13

you're welcome