Problema Solution
A deposit of $2500 is made inot 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 7years.
Answer provided by our tutors
P= 2500
i= 5.5% or .055
q= 1
A= Future Value which is your answer
n= 7
A= 2500(1+(.055/1))^7
A= 3636.697 dollars