You deposit $10,000 in an account that pays 4.5% interest compounded quarterly. Find the future value after one year. ​

Question

You deposit $10,000 in an account that pays 4.5% interest compounded quarterly. Find the future value after one year. ​

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Diễm Kiều 5 years 2021-08-15T03:16:14+00:00 2 Answers 93 views 0

Answers ( )

  1. thienthanh
    0
    2021-08-15T03:17:30+00:00
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    Answer:

    After 1 year, $10,457.65

    Step-by-step explanation:

    P = $ 10, 000

    r = 4.5% = 0.045

    T = 1 year

    n = 4 ( compounded quarterly )

          A = P( 1 + \frac{r}{n})^{nt}

             = 10000( 1 + \frac{0.045}{4})^{4 \times 1}\\\\=10000 \times 1.01125^{4}\\\\= 10000 \times 1.04576508633\\\\= 10457.6508633\\\\= \$ 10, 457.65

  2. Jezebel
    0
    2021-08-15T03:18:00+00:00
    Reply

    Answer:

    11800

    Step-by-step explanation:

    4.5%=0.045

    0.045×10,000=450

    450×4(quarterly)=1800

    10,000+1800= 11800

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