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Math Help - help me out

  1. #1
    Junior Member
    Joined
    Nov 2007
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    29

    help me out

    You invest 6,870 in an account that offers a fixed nominal rate of 4.88% compounded quaterly if you invest this principal for 6 years, how much will you have in the account at the end of the investment period.

    give answer in 2 decimal places


    Can someone please help me with this question?? thank you
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  2. #2
    Super Member

    Joined
    May 2006
    From
    Lexington, MA (USA)
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    Hello, pitt!

    You invest 6,870 in an account that offers a fixed rate of 4.88% compounded quarterly.
    If you invest this principal for 6 years, how much will you have in the account
    at the end of the investment period? Give answer in 2 decimal places.
    You don't know the Compound Interest formula?

    . . A \;=\;6870\left(1 + \frac{0.0488}{4}\right)^{24} . . . . crank it out . . .

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