contestada

How much money would you have in a savings account at the end of one year, if you saved $1000 at two percent interest compounded quarterly? Round to the nearest dollar.

Respuesta :

TomShelby

Answer:

Amount 1,020.15

Explanation:

[tex]Principal \: (1+ r)^{time} = Amount[/tex]  

Principal 1,000.00

time 4.00  ( 4 quarter per year)

rate 0.00500  (2% annual divided into 4 parts)

[tex]1000 \: (1+ 0.005)^{4} = Amount[/tex]  

Amount 1,020.15

The total amount of the savings account will be of 1,020.15

Otras preguntas