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When Lauren was born on January 1, 1990, her grandparents put $5000 in a savings account in her name. The account earned 5.5% annual interest compounded quarterly on March 1, June 1, September 1 and December 1. To the nearest dollar, how much money was in her account when she turns two?

 Sep 30, 2020
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 N=2*4; R=0.055/4;PV=5000; FV=PV*(1 + R)^N; print"FV =$",FV

 

FV =$5,577.21 =~$5,577

 Sep 30, 2020
edited by Guest  Sep 30, 2020

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