Concept explainers
To find the balance in the account after 12 years if $2000 is deposited in an account paying 2.5% interest compounded quarterly.
Answer to Problem 76CR
$2697.1983
Explanation of Solution
Given information:
$2000 is deposited in an account paying 2.5% interest compounded quarterly.
Concept used:
Compound interest formula is
Calculation:
Given,
Now amount after 12 years is,
Chapter 7 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
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