FINITE MATH PROBLEM

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For a six year period, Amanda deposited $700 each quarter into an account paying 5.6%

annual interest compounded quarterly.

(Round your answers to the nearest cent.)

(a) How much money was in the account at the end of 6 years?

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(b) How much interest was earned during the 6 year period?

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Amanda then made no more deposits or withdrawals, and the money in the account continued to

earn 5.6% annual interest compounded quarterly, for 3 more years.

(c) How much money was in the account after the 3 year period?

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(d) How much interest was earned during the 3 year period?

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    • 9 years ago
    • 3
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