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blondinia [14]
3 years ago
8

For retirement, linda invested $4,000 in an account that pays 7% annual interest, compounded quarterly. find the value of his in

vestment after 10 years. $3,959.16 $7,959.16 $8,006.40 $4,006.40
Mathematics
1 answer:
Y_Kistochka [10]3 years ago
3 0
Total = 4000  * (1 + .07 / 4)^4*10
Total = 4000 * <span> <span> <span> 2.0015973432 </span> </span> </span>
Total = <span> <span> <span> 8,006.39
Here's a compound interest calculator:
http://www.1728.org/compint.htm

</span></span></span>
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General Formulas and Concepts:

<u>Pre-Algebra</u>

  • Equality Properties

<u>Algebra II</u>

  • Exponential to Logarithmic:                                                                             \displaystyle b^m=x \rightarrow log_bx=m

Step-by-step explanation:

<u>Step 1: Define</u>

<em>Identify</em>

0.77 = log(x)

<u>Step 2: Solve for </u><em><u>x</u></em>

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