Meg invested $16,000 in a savings account. If the annual interest rate is 6%, how much will be in the account in 5 years for quarterly compounding? Round your answer to two decimal places. CORRECT ANSWER IS: 21549.68

In 5 years the account will be $ 21,549.68.

Step-by-step explanation:

Given that Meg invested $ 16,000 in a savings account, if the annual interest rate is 6%, to determine how much will be in the account in 5 years for quarterly compounding, the following calculation must be performed:

16,000 x (1 + 0.06 / 4) ^ 5x4 = X

16,000 x 1,015 ^ 20 = X

16,000 x 1.34685500 = X

21,549.68 = X

Therefore, in 5 years the account will be $ 21,549.68.

2 and 1.

step-by-step explanation:

plug in each answer. 0 doesn't work, 1 does. so does 2. 4 doesn't:

0 = 1 is not true.

2 = 2 is true.

4 = 4 is true.

8 = 16 is not true.

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