Deposit account

If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years?

Correct answer:

x =  7396.29 USD

Step-by-step explanation:

a=4500 USD p=5%=1005=0.05  n=10 4=40 i=1+p/4=1+201/4=8081=1.0125  x=a in=a (8081)n=4500 1.012540=7396.29 USD=7.4103 USD

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