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

Mathematics
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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

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