Mathematics, 14.06.2021 15:20, rbrummitt1522

Abby invested $4,500 in a savings account where she earned 2.5% interest compounded quarterly. She miscalculated what the accumulated value would be in her account after 5 years. Find and correct her error. A(5) = 4500 (1+ 0.025/4)^5
= 4,500(1.00625)^5
= $4,642

Answers: 1

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Abby invested​ $4,500 in a savings account where she earned​ 2.5% interest compounded quarterly. She miscalculated what the accumulated value would be in her account after 5 years. Find and correct her error. A(5) = 4500 (1+ 0.025/4)^5 = 4,500(1.00625)^5 = $4,642

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Abby invested $4,500 in a savings account where she earned 2.5% interest compounded quarterly. She miscalculated what the accumulated value would be in her account after 5 years. Find and correct her error. A(5) = 4500 (1+ 0.025/4)^5
= 4,500(1.00625)^5
= $4,642