BriseisJ
contestada

1. Francisco invested $5,000 into an account that earns 3% compounded quarterly. How many
times will Francisco earn interest after keeping the money in the account for 5 years?

2. What will be the value of his account in 5 years if he does not make any additional deposits or
withdrawals?

3. After how many years will Francisco’s account reach $10,000

4. If Francisco wanted to double his money in 12 years, what Interest rate would his account have to earn?

Respuesta :

Answer:

10,002.21

Step-by-step explanation:

1)4x5= 20 times

2) principal= 5000

interest rate per year= 3%

compounded times per year=4

time in years = 5

the formula is amt= p*(1+r/n)^(n*t)

thus

Amount = 5805.92

3) If time in years = 23.2

then

amount = 10,002.56

4) Principal = 5,000

interest rate per yr= 5.82%

Compounded times per year = 4

time in years =12