Question

You deposit $ 4000 into an account paying 6 % annual interest compounded quarterly. How much money will be in the account after 5 years?

Answer 1

Explanation:

principal=$4000

rate=6%

time=5years.

I=PRT/100

I=4000x6x5/100

I=4x6x5

I=$120

amount=p+I

=4000+120

=$4120.

Answer 2

$1200

Explanation:

You start with your equation of 5x +.06 =4000 . 6% of 4000 is 240. times 240 by 5 and you get your answer of 1200 dollars.