Math  /  Word Problems

QuestionCalculate the savings after 5 years for an initial deposit of \3000ata6.53000 at a 6.5% quarterly compounded interest. Use: A=P\left(1+\frac{r}{n}\right)^{nt}$.

Studdy Solution
Calculate the final amount in the savings account at the end of5 years.
A=$3000×(1.01625)20$4021.24A = \$3000 \times (1.01625)^{20} \approx \$4021.24So, the amount in the savings account at the end of5 years is approximately $4021.24.

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