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15000 dollars is invested for 10 years with an APR of 5% and quarterly compounding. what is the balance in the account after 10 years

Solution

15000 dollars is invested for 10 years with an APR of 5% and quarterly compounding. what is the balance in the account after 10 years

Solution

Amount : 24654.29

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{4})^{4 \cdot 10}

15000 (1 + \frac{0.05}{4})^{4 \cdot 10} = 24654.29195 \dots

Round to the nearest hundredth:

24654.29

Amount : 24654.29

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