To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4% becomes 0.04).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $4000, r = 0.04, n = 4 (since the interest is compounded quarterly), and t = 6.

Substituting these values into the formula, we get:

A = 4000 (1 + 0.04/4)^(4*6)

Now, we just need to do the math:

A = 4000 (1 + 0.01)^(24)
A = 4000 (1.01)^24
A = 4000 * 1.26973
A = $5078.92

So, Shen will have $5078.92 in the account after 6 years.

Question

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4% becomes 0.04).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $4000, r = 0.04, n = 4 (since the interest is compounded quarterly), and t = 6.

Substituting these values into the formula, we get:

A = 4000 (1 + 0.04/4)^(4*6)

Now, we just need to do the math:

A = 4000 (1 + 0.01)^(24)
A = 4000 (1.01)^24
A = 4000 * 1.26973
A = $5078.92

So, Shen will have $5078.92 in the account after 6 years.

Knowee AI · Accepted Answer

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rate (in decimal form, so 4% becomes 0.04).
- n is the number of times that interest is compounded per year.
- t is the time the money is invested for in years.

In this case, P = $4000, r = 0.04, n = 4 (since the interest is compounded quarterly), and t = 6.

Substituting these values into the formula, we get:

A = 4000 (1 + 0.04/4)^(4*6)

Now, we just need to do the math:

A = 4000 (1 + 0.01)^(24)
A = 4000 (1.01)^24
A = 4000 * 1.26973
A = $5078.92

So, Shen will have $5078.92 in the account after 6 years.

Shen deposited $4000 into an account with 4% interest, compounded quarterly. Assuming that no withdrawals are made, how much will he have in the account after 6 years?

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