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bija089 [108]
3 years ago
15

Mrs. Stevens wants to have $18,000 in the bank in 3 years. If she deposits $9500 today at 4% compounded quarterly for 3 years, h

ow much additional money will she need to add after three years to her investment to make her balance $18000?
a.
$8356.79
b.
$0
c.
$7295.16
d.
$10,704.84
Mathematics
2 answers:
serg [7]3 years ago
7 0
\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad 
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$9500\\
r=rate\to 4\%\to \frac{4}{100}\to &0.04\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, 4 quarters a year}
\end{array}\to &4\\

t=years\to &3
\end{cases}

so.. if she deposits a principal of 9,500 today, compounding quarterly for 3 years, she'll have A amount

how much additional amount?  well, 18,000 - A
Andrews [41]3 years ago
5 0
A=p(1+i/m)^mn
A=9,500×(1+0.04÷4)^(4×3)
A=10,704.84
The balance she needs

18,000−10,704.84
=7,295.16
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