Francisco invested $5,000 into an account that earns 3% compounded quarterly. How many times will Francisco earn interest after keeping the

Question

Francisco invested $5,000 into an account that earns 3% compounded quarterly. How many times will Francisco earn interest after keeping the money in the account for 5 years?

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Amelia 1 day 2021-11-26T02:47:56+00:00 1 Answer 0

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    2021-11-26T02:49:49+00:00

    Answer:

    $7,789.84

    Step-by-step explanation:

    You would use this this formula for compound interest where the account is compounded quarterly.

    amount \times (1  + {multiplier}^{3} )^{5}

    So you would need to substitute values from the question in.

    5000 \times ( {1.03}^{3} )^{5}

    And this gives the answer $7,789.84

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