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Bond [772]
2 years ago
15

Use the periodic compound interest formula to solve.

Mathematics
1 answer:
77julia77 [94]2 years ago
3 0

Answer:

$15,539.67

Step-by-step explanation:

Compound Interest Formula

\large \text{$ \sf A=P\left(1+\frac{r}{n}\right)^{nt} $}

where:

  • A = final amount
  • P = principal amount
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = $11,000
  • r = 5.8% = 0.058
  • n = 4 (quarterly)
  • t = 6 years

Substitute the given values into the formula and solve for A:

\implies \sf A=11000\left(1+\frac{0.058}{4}\right)^{(4 \times 6)}

\implies \sf A=11000(1.0145)^{24}

\implies \sf A=15539.67451...

Therefore, the value of the investment after 6 years will be $15,539.67 to the nearest cent.

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