An investor deposited $5,000 to open a new savings account that earned 8 percent annual interest, compounded quarterly. If there were no other transactions in the account, what was the amount of money in the account 6 months after the account was opened? Choose the correct answer
A) $5050  B) $5101  C) $5202  D) $5303  E) $5404
The amount in the account after 6 months is 1.02*1.02($5,000) = $5202   The answer is $5202.
<result>C</result>
An investor deposited $5,000 to open a new savings account that earned 8 percent annual interest, compounded quarterly. If there were no other transactions in the account, what was the amount of money in the account 6 months after the account was opened?