Problema Solution
a. Compound interest-An initial deposit of $10,000 earns 8% interest, compounded quarterly. How much will be in the account in 10 years?
Answer provided by our tutors
Amount A=P (1+r/n)nt
=10000(1+0.08/4)40
=10000*1.0840
=10000*21.7245
=217245
This will be the amount after 10 yrs