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nene02
Junior Member

USA
3 Posts

Posted - 09/28/2010 :  10:29:15  Show Profile  Reply with Quote
We depsoited $75,000 into a savings account which pays 3.6% annual interest, compinded quarterly.

a How long after the money is deposited will the account blalnce be $9,750?

b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months
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Subhotosh Khan
Advanced Member

USA
9116 Posts

Posted - 09/28/2010 :  20:03:22  Show Profile  Reply with Quote
quote:
Originally posted by nene02

We depsoited $75,000 into a savings account which pays 3.6% annual interest, compinded quarterly.

a How long after the money is deposited will the account blalnce be $9,750?

b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months



Please show us your work, indicating exactly where you are stuck - so that we may know where to begin to help you
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nene02
Junior Member

USA
3 Posts

Posted - 09/29/2010 :  11:03:18  Show Profile  Reply with Quote
so far for 1a. i did this


A=9750(1+0.036/4)4(1)
A=9750(1.009)4
A=$10,10576


B. A=1200(1+0.036/4)4(6)
A=1200(1.009)24
A=$14,878.84
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Subhotosh Khan
Advanced Member

USA
9116 Posts

Posted - 09/30/2010 :  21:56:01  Show Profile  Reply with Quote
quote:
Originally posted by nene02

We depsoited ?$75,000? into a savings account which pays 3.6% annual interest, compinded quarterly.

a How long after the money is deposited will the account blalnce be $9,750? ?<<< Why is the account balance less than the amount deposited.?

b. What initial deposit will generate a balance of $12,000 in exactly 4 years and 6 months

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