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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