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Sagot :
Answer:
account balance at graduation is 674.17
Step-by-step explanation:
given data
deposit money P = 500
interest rate = 3 % compounded quarterly
we take time period = 10 year ( 2nd grade to 12 grade)
solution
we apply here compound interest formula that is
amount = [tex]P \times (1+\frac{r}{4})^{4t}[/tex] ..................1
put here value and we get
amount = [tex]500 \times (1+\frac{0.03}{4})^{4\times 10}[/tex]
amount = 674.174
so account balance at graduation is 674.17
Answer:
$694.63
Step-by-step explanation:
The formula is p(1+r/n)^tn. P, or the principal amount, is 500 dollars. R, or the rate as a decimal, is 0.03. N, or the number of times compounded yearly, is 4. T, or the time in years, is 11, since there are 11 years from grade 2 to grade 12. 12-2+1=11. Now, plug in the information given. 500(1+0.03/4)^4*11 = 500(1.0075)^44 = 694.63 dollars, rounded to the nearest cent.
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