FINITE MATH PROBLEM
ShesavviFor 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?
Show work.
(b) How much interest was earned during the 6 year period?
Show work.
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?
Show work.
(d) How much interest was earned during the 3 year period?
Show work.
13 years ago
3
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