Does anyone know this one I would really need help
1 answer:
You might be interested in
<h3>The final amount is $ 6881.71</h3>
<em><u>Solution:</u></em>
<em><u>The formula for compound interest, including principal sum, is:</u></em>
Where,
A = the future value of the investment
P = the principal investment amount\
r = the annual interest rate in decimal
n = the number of times that interest is compounded per unit t
t = the time the money is invested
From given,
p = 4000
t = 5
n = 4 ( compounded quarterly )
<em><u>Substituting the values in formula,</u></em>
Thus the final amount is $ 6881.71