Problema Solution
A deposit of $2500 is made into a savings account at a compound interest rate of 5.5% quaterly. Write an equation showing how much would be in the account after x number of years. How much will be in the account in 4 years?
Answer provided by our tutors
A = 2500(1 + .055/4)4*4
A = 2500(1.01375)16
A = 3110.526346
$3110.53