Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Connect with a community of experts ready to help you find solutions to your questions quickly and accurately. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

The Fresh and Green Company has a savings plan for employees. If an employee
makes an initial deposit of $1000, the company pays 8% interest compounded
quarterly. If an employee withdraws the money after five years, how much is in
the account?

Sagot :

12651241

Answer:

$1400

Step-by-step explanation:

The Fresh and Green Company has a savings plan for employees. If an employee makes an initial deposit of $1000, the company pays 8% interest compounded quarterly. If an employee withdraws the money after five years, how much is in the account?

First you need to make 8% into a decimal.

To do that you need to move the decimal point to spaces to the left.

8. ----- 0.8 ----- 0.08

The decimal is 0.08.

Now multiply $1000 by 0.08.

Which is $80.

Now do $80 times 5 years.

which is $400 interest.

Now add $400 to $1000.

Which is $1400.

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.