Pablo invested $5200 in an account that pays an annual interest rate of 3.7%, compounded quarterly. Answer each part. If necessary, refer to the list of financial formulas.(a)Find the amount in the account after one year, assuming no withdrawals are made.Do not round any intermediate computations, and round your answer to the nearest cent. $(b)Find the effective annual interest rate, expressed as a percentage.Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

Answered: Pablo invested $5200 in an account…

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...

Related questions

Question

100%

Pablo invested

$5200

in an account that pays an annual interest rate of

3.7%

, compounded quarterly. Answer each part. If necessary, refer to the

list of financial formulas

(a)	Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent.
		$
(b)	Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.