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4 years ago

If Jessica invests $8,500 at 8.2% compounded quarterly, how much will her investment

Mathematics

1 answer:

Damm [24]4 years ago

4 0

Answer: her investment would

be worth $15003 after 7 years

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 8500

r = 8.2% = 8.2/100 = 0.082

n = 4 because it was compounded 4 times in a year.

t = 7 years

Therefore,

A = 8500(1+0.082/4)^4 × 7

A = 8500(1 + 0.0205)^28

A = 8500(1.0205)^28

A = $15003

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