Ask Question
9 April, 01:53

Felipe deposited 4000 into an account with 2.2% interest, compounded quarterly. Assuming that no withdrawals are made, how much will he have in the account after 3years? Do not round any intermediate computations, and round your answer to the nearest cent.

+5
Answers (1)
  1. 9 April, 04:04
    0
    Final Value = $4,272.13

    Explanation:

    Giving the following information:

    Felipe deposited 4000 into an account with 2.2% interest, compounded quarterly.

    First, we need to calculate the quarterly interest rate:

    Interest rate = 0.022/4 = 0.0055

    Now, we can calculate the final value:

    FV = PV * (1+i) ^n

    FV = 4,000 * (1.0055^12) = $4,272.13
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Felipe deposited 4000 into an account with 2.2% interest, compounded quarterly. Assuming that no withdrawals are made, how much will he ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers