Jose has $4,800 to invest in a saving account. He receives a steady interest rate of 3.35% compunded quarterly. He would like to save or the next 5 years and then take his money out. What would be his balace at the end of the 5 years? $9,354.20 $7,211.74 $5,671.30 $5,604.00

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
icon
Related questions
Question

Jose has $4,800 to invest in a saving account. He receives a steady interest rate of 3.35% compunded quarterly. He would like to save or the next 5 years and then take his money out. What would be his balace at the end of the 5 years?

$9,354.20
$7,211.74
$5,671.30
$5,604.00

 

 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College