Teacher kaye is saving $2,000 every month by depositing it in a bank that gives an interest of 1% compounded quarterly. How much will she save in 6 years? 5 ​

Answer: she will save 12,000 in 6 years

Answered by avielxyriel | 2024-10-20

Answer:$4,010 in 6 yearsStep-by-step explanation:future valuegivenR: $2000t: 6 years or 0.5i: 1% or 0.01 (1/100)m: 4  (compounded quarterly)j: i/n = 0.01/2 = 0.005n: (m)(t) = (4)(0.5) = 2=f = r [ (1 + j) ^n - 1] over jf = $2000 [ (1 + 0.005) ^2 - 1] over 0.005 (parenthesis)f = $2000 [ (1.005) ^2 - 1] over 0.005 (sr)f = $2000 [ (1.010025) - 1] over 0.005 (minus)f = $2000 [ (0.010025) ]  over 0.005 (devide)f = $2000 [ 2.005 ] (mult.)f = $4,010

Answered by marygracecruz2007 | 2024-10-20