you deposit $6,700 in a money market account that pays an annual interest of 3.3% the interest is compounded quarterly how much money will you have after 4 years

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Mathematics

Kolten Murphy

8 September, 01:44

you deposit $6,700 in a money market account that pays an annual interest of 3.3% the interest is compounded quarterly how much money will you have after 4 years

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Maryjane Conley · Answer 1

so it is compounded 4 times in a year in 4 years we can take it as 16 terms

a=6700 (1+3.3/100) ^16

a=6700 (1+33/1000) ^16

a=6700 (1000/1000 + 33/1000) ^16

a=6700 (1.033) ^16

a=6700*1.681144887891022

a=6700*1.6811

a=11263.23