Compound Interest question

Erin deposits $10,000 in an account that pays 4% interest compounded quarterly.

(a) Compute the balance of your bank account value after one year.
(b) Determine the effective annual yield.


Answers can be viewed only if
  1. The questioner was satisfied and accepted the answer, or
  2. The answer was disputed, but the judge evaluated it as 100% correct.
View the answer
The answer is accepted.