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28 April, 15:35

How much money will there be in an account at the end of 6 years if $17000 is deposited at 6% interest compounded quarterly

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Answers (2)
  1. 28 April, 18:28
    0
    Quarterly = 4

    Time = t = 6

    So your equation is:

    17000 + 17000 (.06) (4) (t)

    Your first year is:

    17000 + 17000 (.06) (4)

    17000 + 4080 = 21080

    .06 is your interest and it is compounded four times a year for six years

    After a six year term, your account has:

    17000 + 4080 (t)

    or 17000 + 4080 (6)

    Which equates to 41480
  2. 28 April, 18:52
    0
    You would get 6120 at the end of 6 years
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