Pablo invested $4800 in an account that pays an annual interest rate of 3.7, compounded quarterly. Answer each part. If necessary, refer to the list of financial formulas.(a)Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent. $ (b)Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.

SOLUTION: quiz math hw

quiz math hw

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Question

Pablo invested $4800

in an account that pays an annual interest rate of 3.7, compounded quarterly. Answer each part. If necessary, refer to the list of financial formulas.

(a)	Find the amount in the account after one year, assuming no withdrawals are made. Do not round any intermediate computations, and round your answer to the nearest cent.
		$
(b)	Find the effective annual interest rate, expressed as a percentage. Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent.