College Algebra
College Algebra
1st Edition
ISBN: 9781938168383
Author: Jay Abramson
Publisher: OpenStax
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Question
Johnny Invests $10,000 in an account that pay: 3.25% annual Interest, compounded quarterly. What is his balance, to the nearest cent, at the end of 10 years?
Expert Solution
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Step 1

In this question, the concept of Compound Interest is applied.

Compound Interest

Compound interest is computed on both the principal and the interest earned over a period of time. It differs from simple interest in that interest is not added to the principle when the next period's interest is calculated.

 

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