## Related questions with answers

Question

An investor deposits $\$10,000$ in an account that earns $3.5\%$ interest compounded quarterly. The balance in the account after $n$ quarters is given by

$An=10000(1+0.035/4)^n, n=1, 2, 3, . . .$

Is the balance after $20$ years twice the balance after $10$ years? Explain.

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 2To solve this task, we have to calculate the balance after $20$ years and compare it with the balance after $10$ years.

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