You place $3000 into a savings account which earns 2.65% interest compounded quarterly. How much is in the account after 30 months? (round to the nearest penny )
Added by Kristine G.
Step 1
The interest rate is given as 2.65%. To convert it to a decimal, divide by 100: 2.65% = 2.65/100 = 0.0265 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Madhur L and 71 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
$6000 is invested in an account that pays 5% compounded every 3 months. What is the amount, A in the account after 20 years? Round to the nearest cent.
Madhur L.
Suppose you invest $3,500 in a savings account that earns 7% Interest, compounded quarterly. How much money would you have after 6 years? Round your answer to the nearest penny (hundredith)
Tim T.
If you put $\$ 3200$ in a savings account that earns $2.5 \%$ interest per year compounded quarterly, how much would you expect to have in that account in 3 years?
Exponential and Logarithmic Functions
Exponential Functions and Their Graphs
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD