0
A couple invests 2800 in an account paying 7 percent compounded quarterly How much is in the account after one year?
Wiki User
∙ 14y ago
The interest is said to be compounded quarterly when compound interest is paid four times a year, and the compounding period is three months.
After t years, the balance A, in an account with principal P and rate r (in decimal form) is given by the formula
A = P(1 + r/n)nt
In our case P = 2,800, r = 7% = 0.07, n = 4, and t = 1 year, so we have:
A = P(1 + r/n)nt
A = 2,800(1 + 0.07/4)(4)(1) ≈ 3,001.21
The balance after one year is 3,001.21
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If 600 is deposited in a bank that pays 8.45 percent compounded quarterly what is the amount in the account after 10 months?
£765.31
7100 at 5 percent compounded quarterly for 10 year?
Roughly 11,669.70
What lump sum will Jim need to deposit now in an account paying 7.25 percent compounded quarterly if he wants to have a balance of 50000 in 15 years?
He should deposit 17017.82
What is the future value of a 5-year 500 CD compounded quarterly at 1.79 percent?
It is 712.97
Determine the future value of an annuity into which quarterly deposits of 450 are made for 9 years if the annuity pays 10 percent compounded quarterly?
138645
If 600 is deposited in a bank that pays 8.45 percent compounded quarterly what is the amount in the account after 10 months?
£765.31
What would be the ending balance of a 700 savings account earning 8 percent interest compounded quarterly after 3 years?
8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.
What will 10000 be worth in 30 years at 5 percent?
compounded annually--$43,219 compounded quarterly--$44,402 compounded monthly-- $44,677 compounded daily--$44,812
7100 at 5 percent compounded quarterly for 10 year?
Roughly 11,669.70
What lump sum will Jim need to deposit now in an account paying 7.25 percent compounded quarterly if he wants to have a balance of 50000 in 15 years?
He should deposit 17017.82
What is the future value if 3400 is invested for 5 years at 8 percent compounded quarterly?
$5,052.22
What is the future value of a 5-year 500 CD compounded quarterly at 1.79 percent?
It is 712.97
Determine the future value of an annuity into which quarterly deposits of 450 are made for 9 years if the annuity pays 10 percent compounded quarterly?
138645
John invests 10000 for two years at 10 percent compounded annually How much will John have after the two years?
12100
John invests 10000 for three years at 10 percent compounded annually How much will John have after the three years?
13310
150 if invested for three years at a 9 percent interest rate?
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
What is the balance after 7 years if you deposit 350 every quarter into a savings account that earns 4.5 percent interest compounded quarterly?
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
