3 years ago

Find the final value of 2000 invested at an interest rate of 3% compounded quarterly for 8 years

Mathematics

2 answers:

kykrilka [37]3 years ago

8 0

Answer:

2540.22

Step-by-step explanation:

The equation

Final value=amount invested (1+(interest rate÷ quarter)) ^(quarter ×time)

Apply the given in the question to the equation

Final value=2,000×(1+(0.03÷4))^(4×8)

Final value=2540.22 the answer

Romashka [77]3 years ago

3 0

Answer:

2540.22

Step-by-step explanation:

amount = principal amount * (1+ r/n) ^ nt

r= interest rate as decimal

n=number of times interest is compounded

nt=time

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For this case we have the following functions:

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