NorianaB585911 NorianaB585911
  • 25-10-2022
  • Mathematics
contestada

marie invested 10000 in a savings account that pays 2 interest quartarly 4 times a yesr. how much money will she have in her account in 7 years?

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KorinaD446865 KorinaD446865
  • 25-10-2022

Okey, here we have the following:

Capital: 10000

Interest: 2%

Time: 7 Years= 7*4=28 quarters of year

Using the compound interest formula, we get:

[tex]C_f=10000(1+\frac{0.02}{4})^{4\cdot7}=1000(1+\frac{0.02}{4})^{28}[/tex]

Working we get:

[tex]C_f\approx11.498.73[/tex]

She will have aproximately $11,498.73 in her account after 7 years.

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