26-04-2014
Mathematics

Answered

You deposit $6,700 in a money-market account that pays an annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years?

Verified Answer :

michaelwilson19 michaelwilson19

26-04-2014

3.3% per year is 0.825% per quarter, and 4 years is 16 quarters, so your result will be $6,700 x (1.00825)16 = $7,641.29, a total return of just over 14%.

Answer Link

Related Questions

Which of these groups lived most similarly to the earliest PaleoIndians who were nomadic huntergathers

Which place depended on annual flooding to produce a constant surplus of food A Egypt B Mesopotamia C Both D Neither

1352 pounds is what fraction of a short ton

If p pencils cost d dollars how many pencils can be bought for c cents

In Ming China why did European traders pay for Chinese silks and porcelains in gold or silver instead of exchanging trade goods

13 Youre charting a patients oral cavity when suddenly a stream of saliva shoots up from the floor of the mouth near the anterior teeth The saliva is secreted b

What is the meaning of the simile as open as the land

Write the inequality in interval notation X is greater than or equal to negative 4

what are some examples of a solute

Solve for x Express the answer in simplest form 17 34x 1 proportions problems