You invest an initial $1,000 in an account that has an annual interest rate of 2

Mathematics
Tutor: None Selected Time limit: 1 Day

You invest an initial $1,000 in an account that has an annual interest rate of 2%, compounded quarterly. How much money will you have in the account after 5 years? Round your answer to the nearest whole number.


Feb 27th, 2015

1000*(1.005)^20 =1104.896 =1105

Answer: $1,105

Feb 27th, 2015

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Feb 27th, 2015
...
Feb 27th, 2015
Dec 4th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer