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If you deposit $4500 at 5% annual compound quarterly, how much money will be in the account after 10 years?

Sagot :

Formula = FV = P [tex][ 1+\frac{r}{n}]^n^t[/tex]

FV = future value of the deposit 
P = principal or amount of money deposited 
r = annual interest rate (in decimal form)
n = number of times compounded per year
t = time in years

Plug in the values then simplify : 

FV = [tex]4500~[1+ \frac{0.05}{4} ]^4^(^1^0^)[/tex]

FV = [tex]4500~(1.0125)^4^0[/tex]

FV = 4500 (1.64361946349)

FV = 7396.28758569

Round your final answer to two decimals places. 

FV = 7396.29

After 10 years, there will be $7396.29 in the account :)
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