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Juan Raúl's savings account has a balance of $4069. After 4 years what will the amount of interest be at 5% compounded quarterly?
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savings account has a balance of $4069. After 4 years what will the amount of interest be at 5% compounded quarterly? : Compound interest formula A = Ao*(1+(r/n))^(nt) where A = final amt Ao = initial amt (4069) r = interest rate in decimals (. 05) n = time per yr (4) t = no. of yrs (4) : A = {{}} : A = {{}} : A = 4069 * 1. 220 : A = 4963. 73; amt after 4 yrs : 4963. 73 - 4069 = $894. 73 interest in 4 yrs
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