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Marcy puts $500.00 into an account to use for school expenses the account earns 8%interest compounded quarterly how much will be in the account after 5 years

Respuesta :

We will replace in the following formula:

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

We replace as follows:

[tex]A=(500)(1+\frac{0.08}{12})^{(12)(5)}\Rightarrow A\approx744.92[/tex]

So, Marcy earned approximately $744.92.

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