Mickey has $10,000 in his bank account currently. He has an interest rate of 8% compounded quarterly for 5 years. What is his total investment after this time period?
The formula for compounding investments is as follows: [tex]a = {p(1 + \frac{r}{n}})^{nt} [/tex] a = end amount p= principle amount (what is invested) r= interest rate (as a decimal) n = number of times the investment is compounded yearly t = time
For this particular investment the end amount would be $14859.47
