You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 5 years (in dollars)? (Round your answer to the nearest cent.) $

You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 5 years (in dollars)? (Round your answer to the nearest cent.) $

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section: Chapter Questions

Problem 69SGR

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Question

You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 5 years (in dollars)? (Round your answer to the nearest cent.)

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