The amount $5,000 invested at 6%,compounded quarterly,will be worth after 5 years:

Name: The amount $5,000 invested at 6%,compounded quarterly,will be worth after 5 years:
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Question

Quizplus · Accepted Answer

The formula for compound interest is A = P(1 + r/n)^(nt), where P is the principal amount ($5,000), r is the annual interest rate (0.06), n is the number of times interest is compounded per year (4 for quarterly), and t is the number of years (5). Plugging in these values gives A = 5000(1 + 0.06/4)^(4*5) = $6,734.

The Amount $5,000 Invested at 6%,compounded Quarterly,will Be Worth After