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nene02
Junior Member

USA
3 Posts

 Posted - 09/28/2010 :  10:29:15 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

Subhotosh Khan

USA
9116 Posts

 Posted - 09/28/2010 :  20:03:22 quote:Originally posted by nene02We 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 monthsPlease show us your work, indicating exactly where you are stuck - so that we may know where to begin to help you

nene02
Junior Member

USA
3 Posts

 Posted - 09/29/2010 :  11:03:18 so far for 1a. i did this A=9750(1+0.036/4)4(1)A=9750(1.009)4A=\$10,10576B. A=1200(1+0.036/4)4(6) A=1200(1.009)24 A=\$14,878.84

Subhotosh Khan

USA
9116 Posts

 Posted - 09/30/2010 :  21:56:01 quote:Originally posted by nene02We 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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