Principal of $5000, using compound interest at 5.25% p/a for 1 year compounding quarterly, what is the ending balance per quarter? Correct?
- BryceLv 71 month ago
balance per quarter= 5000*(1 + 0.0525/4)^t, t= the number of quarters
$5267.71 is the ending balance for fourth quarter and the total for the year.
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