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11 November, 00:31

You deposit $1,000 for 4 years at an interest rate 2.0%. If the interest is compounded quarterly, how much money do you have after the four years?

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  1. 11 November, 01:40
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    A = P (1 + r/n) ^ nt

    A = 1000 (1 + 0.02/4) ^16

    A = 1000 (1.005) ^16

    A = 1083.07

    answer

    $1,083.07 after the four years
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