kxngrob
contestada

How much money will there be in an account at the end of 6 years if $17000 is deposited at 6% interest compounded quarterly

Respuesta :

Vescoci
Quarterly = 4
Time = t = 6

So your equation is:

17000 + 17000(.06)(4)(t)

Your first year is:

17000 + 17000(.06)(4)
17000 + 4080 = 21080

.06 is your interest and it is compounded four times a year for six years

After a six year term, your account has:

17000 + 4080(t)
or 17000 + 4080(6)

Which equates to 41480

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