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19 March, 07:44

Investing $5,000 in a savings account at 2% annual interest compounded quarterly will result in approximately how much money after 10 years? Use the formula: A=P⁢ (1+rm) m⁢t

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  1. 19 March, 08:02
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    A = $5000 (1 + 0.02/4) ^ (4*10)

    = $5000 (1.005) ^40

    = $5000 (1.221) = $6103.97 (rounded to the nearest cent)
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