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26 August, 14:58

Alex invests $12,500 in a savings account that pays 5% interest compounded quarterly. Approximately how much money will he have in the account after 10 years?

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  1. 26 August, 15:12
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    A = P (1 + r/n) (nt)

    A = the future value of the investment

    P = (the initial deposit or loan amount)

    r = the annual interest rate (decimal)

    n = the number of times that interest is compounded per year

    t = the number of years the money is invested
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