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30-01-2018
Mathematics

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Jeffrey opened a savings account with $15,000. His annual interest rate is 4.8%, and his interest is compounded quarterly. How much is in Jeffrey’s account after 7 years? interest compounded quarterly: A = P (1 + )4t

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30-01-2018

The amount after 7 years is given by:
[tex]A=15000(1+\frac{0.048}{4})^{4\times7}=20,948.15[/tex]
The answer is: $20,948.15

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