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You deposit $5000 in an account earning 2.0% interest compounded quarterly. How much interest will you earn over 12 years? Round your answer to the nearest cent.​

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Answer:

The future value of P at interest rate r compounded n times per year for t years is ...

 FV = P(1  +r/n)^(nt)

 4000 = P(1 +.08/4)^(4·10)

 P = 4000·1.02^-40 ≈ 1811.56

$1811.56 must be deposited now in order to have $4000 in 10 years.

Step-by-step explanation:

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