13-10-2021
Mathematics

contestada

At age 10, a person deposits $385 in a savings account paying %2 interest compounded quarterly. How much money will be in the account 60 years later, when he is 70 years old? Would his savings have double in that time?

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13-10-2021

Answer:

Interest rate = .02 / 4 = .005 per quarter for 240 quaarters

A = 385 (1 + 005)^240

A = 3.31 * 385 =$1274

Yes, it would double

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