Find the amount in a savings account after

Answered question

2022-02-28

Find the amount in a savings account after 12 years if $56,780 is invested at 2.8% interest compounded quarterly.

Answer & Explanation

star233

star233

Skilled2022-03-19Added 403 answers

Interest for one compounding period

2.8%÷4=0.7%

Number of compounding periods

12×4=48

Amount after 12 years

56780 × (1.007)48=79361.52

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