Question

You invest $15,000 in a savings account with an annual interest rate of 2.5% in which the interest is compounded quarterly. How much money should you expect to have in the account after 5 years? Show your work to receive full credit! need help will put branlyist

Answer 1

$187.50

Explanation:

First you find 2.5% of 1500 which is $37.5 for 1 year in the account. then you would multiply 37.5 by 5 which gets you 187.5 which is $187.50.