11. You invest an initial $300 in an account that has an annual interest rate of 5%, compounded quarterly. How much money will you have in the account after 10 years? Round your answer to the nearest whole number.

Question

lilaspie7 · Answer

I remember doing a problem like this but I forget. Its been a long time. Wish I could help.

jhonyy9 · Answer

so like a first step you need calcule the 5%  of $300 equal how many ?

jhonyy9 · Answer

and hope you know what mean this ,,compounded quarterly" - yes ?

hhanan · Answer

15

jhonyy9 · Answer

what is this 15 ?

hhanan · Answer

5% of $300

XxAngelGirlxX · Answer

First, convert R percent to r a decimal
r = R/100
r = 5%/100
r = 0.05 per year,

Then, solve our equation for A
A = P(1 + r/n)nt
A = 300.00(1 + 0.0125/4)(4)(10)
A = $ 493.09

Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 300.00 at a rate of 5% per year
compounded 4 times per year
over 10 years is $ 493.09.

jhonyy9 · Answer

yes - so compounded this quarterly what mean ?

jhonyy9 · Answer

so above you get a direct but explained answer

hhanan · Answer

ty

jhonyy9 · Answer

hope you can understanding it

jhonyy9 · Answer

np

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