Concept explainers
Find the balance in each account after the giver period.
$500 principal earning 4% compounded quarterly, after 10 yr
To find the balance of given principal amount after the given period.
Answer to Problem 7P
Explanation of Solution
Given information:
Principal amount (P) =
Rate of interest (r) = 4% compounded quarterly.
Time period (t) = 10 years.
Formula Used: Compound interest formula
Calculations: Plugging values P = 500, r = 4% = 0.04, n= 4 (for quarterly compound) and t=10 in above formula, we get
Therefore, the balance after 10 years is
Chapter 7 Solutions
High School Math 2012 Common-core Algebra 1 Practice And Problem Solvingworkbook Grade 8/9
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