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Carlos invested $4900 in an account that pays an annual interest rate of 3.1%, compounded quarterly. Answer each part. If necessary, refer to the list
Carlos invested $4900 in an account that pays an annual interest rate of 3.1%, compounded quarterly. Answer each part. If necessary, refer to the list of financial formulas.
| (a) | Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent. | |
| $ | ||
| (b) | Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent. | |
| % | ||
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Personal Finance
Authors: E. Thomas Garman, Raymond Forgue
8th Edition
0618471421, 9780618471423
