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If 2,000 is invested at 11% annual interest compounded quarterly, what is the account balance after 10 years, assuming no additional deposits or withdrawals are made?

Solution

If 2, 000 is invested at 11% annual interest compounded quarterly, what is the account balance after 10 years, assuming no additional deposits or withdrawals are made?

Solution

Amount : 5919.75

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.11}{4})^{4 \cdot 10}

2000 (1 + \frac{0.11}{4})^{4 \cdot 10} = 5919.74797 \dots

Round to the nearest hundredth:

5919.75

Amount : 5919.75

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