cabanshalymar879 cabanshalymar879

28-03-2022
Mathematics

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a thousand dollars is left in a bank savings account drawing 7% interest, compounded quarterly for 10 years. what is the balance at the end of that time

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jimthompson5910 jimthompson5910

28-03-2022

Answer: $2001.60

Work Shown:

A = P*(1+r/n)^(n*t)

A = 1000*(1+0.07/4)^(4*10)

A = 2001.59734318603

A = 2001.60

This assumes that you do not withdraw any of the money over the course of the 10 years. Also, the interest rate must stay the same at 7%.

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