Taii3971 Taii3971

12-02-2020
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How much money would you have in a savings account at the end of one year, if you saved $1000 at two percent interest compounded quarterly? Round to the nearest dollar.

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TomShelby TomShelby

13-02-2020

Answer:

Amount 1,020.15

Explanation:

[tex]Principal \: (1+ r)^{time} = Amount[/tex]

Principal 1,000.00

time 4.00 ( 4 quarter per year)

rate 0.00500 (2% annual divided into 4 parts)

[tex]1000 \: (1+ 0.005)^{4} = Amount[/tex]

Amount 1,020.15

The total amount of the savings account will be of 1,020.15

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