Find the compound amount for the deposit and the amount of interest earned. $5300 at 5% compounded quarterly for 2 years The compound amount after 2 years is $oxed{} (Do not round until the final answer. Then round to the nearest cent as needed.)
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We can do this by dividing the annual interest rate (5%) by 4 (since there are 4 quarters in a year). Quarterly interest rate = 5% / 4 = 0.0125 Show more…
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