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Investing $5,000 in a savings account at 1% annual interest compounded quarterly will result in approximately how much money after 2 years? Use the formula: A = P(1 + )" $5…

Investing $5,000 in a savings account at 1% annual interest compounded quarterly will result in approximately how much money after 2 years? Use the formula: A = P(1 + )" $5…
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4 votes
Investing $5,000 in a savings account at 1% annual interest compounded quarterly will result in approximately how much money after

2 years?
Use the formula: A = P(1 + )"
$5,100.00
$5, 100.50
$5,075.47
$5, 100.88

asked
User Jim Mack
by
7.5k points

1 Answer

6 votes

Answer:

B. 5,100.5

Explanation:

5000(1+.01)^2 = 5100.5

answered
User Karl Monaghan
by
8.5k points
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