Find the final amount of money in an account if $1, 300 is deposited at 4 % interest compounded quarterly (every 3 months) and the money is left for 6 years. The final amount is $ Round answer to 2 decimal places

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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Find the final amount of money in an account if $1, 300 is deposited at 4 % interest compounded
quarterly (every 3 months) and the money is left for 6 years.
The final amount is $
Round answer to 2 decimal places
Transcribed Image Text:Find the final amount of money in an account if $1, 300 is deposited at 4 % interest compounded quarterly (every 3 months) and the money is left for 6 years. The final amount is $ Round answer to 2 decimal places
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