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!

For 5 years

A= 5000 * (1+0.475/4) ^ 20

= $ 6331.51

For 7 years

A= 5000 * (1+0.475/4) ^ 28

= $ 6958.61

For 9 years

A= 5000 * (1+0.475/4) ^ 36

= $7647.81

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

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