Brittany opened a savings account with an annual interest rate of 10% and an initial deposit of $7000. If her interest is compounded quarterly, how much is in Brittany’s account after 5 years? interest compounded quarterly: A = P (1 + )4t A.$3500.00 B.$4470.32 C.$11,273.57 D.$11,470.32
Question
Answer:
A = 7000(1+0.1/4)4(5)= 7000(1.02500)²⁰
= D
The answer is D.
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