Business and finance help needed to calculate $2,000 for 10 years at 5% interest compounded quarterly in 10 years.

timer Asked: Nov 8th, 2015
account_balance_wallet $5

Question Description

If $2,000 is placed in a retirement account for 10 years, at a 5% interest rate, compounded quarterly, how much will be in the retirement account in 10 years?

Tutor Answer

School: University of Maryland

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

the amount is 

2000*(1+0.05/4)^40 = 3287.24

Please let me know if you need any clarification. I'm always happy to answer your questions.

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