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Find the amount of money in an account after 4 years if 1800 is deposited at 5% annual interest compounded quarterly

Solution

Find the amount of money in an account after 4 years if 1800 is deposited at 5% annual interest compounded quarterly

Solution

Amount : 2195.8

Solution steps

Translate the problem into an equation:

A = 1800 (1 + \frac{0.05}{4})^{4 \cdot 4}

1800 (1 + \frac{0.05}{4})^{4 \cdot 4} = 2195.80118 \dots

Round to the nearest hundredth:

2195.8

Amount : 2195.8

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