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26 September, 20:00

Suppose that you deposited $550 into a savings account on January 1, 1999, and deposited an additional $50 into the account at the end of each quarter-year. If the bank pays 4.8% interest compounded quarterly, how much will be in the account on January 1, 2008?

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  1. 26 September, 21:45
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    Use this formula: A = 550 (1.048) ^9*4 adn then add 9*4*50=1800 which will equal:

    4774.191066
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