Question

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.

Answer 1

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

Answer 2

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

Answer 3

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

Answer 4

15

Answer 5

what is this 15 ?

Answer 6

5% of $300

Answer 7

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.

Answer 8

yes - so compounded this quarterly what mean ?

Answer 9

so above you get a direct but explained answer

Answer 10

ty

Answer 11

hope you can understanding it

Answer 12

np

yw