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

User Generated

cnhy_tnzol

Business Finance

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?

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Explanation & Answer

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the amount is 

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

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