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craab craab
  • 26-04-2014
  • Mathematics
Answered

You deposit $6,700 in a money-market account that pays an annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years?

Verified Answer :

michaelwilson19
michaelwilson19 michaelwilson19
  • 26-04-2014

3.3% per year is 0.825% per quarter, and 4 years is 16 quarters, so your result will be $6,700 x (1.00825)16 = $7,641.29, a total return of just over 14%.

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