If $5000 is borrowed at a rate of 4.75% interest per year, compounded quarterly,

Algebra
Tutor: None Selected Time limit: 1 Day

If $5000 is borrowed at a rate of 4.75% interest per year, compounded quarterly, find the amount due at the end of the given number of years. (Round your answers to the nearest cent.)
(a)      5 years
 

(b)      7 years
 

(c)      9 years

Jul 17th, 2015

Thank you for the opportunity to help you with your question!

A= P* (1+r/n) ^ t

After 5 years

Amount = 6,331.51

After 7 years

Amount = 6,958.61

After 9 years

Amount = 7,647.81

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 17th, 2015

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