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8 June, 15:14

Thomas opened a savings account with an annual interest rate of 7% and an initial deposit of $5000. If his interest is compounded quarterly, how much is in Thomas's account after 4 years? Round your answer to the nearest cent.

interest compounded quarterly: A = P (1+r/4)

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  1. 8 June, 15:58
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    I think i did this one before it was 1000 was the answer for it.
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