Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.

1 answer:

4 0

Well, this is rather lengthy so...

First, you'd do...
1000 * 0.073 = $73.

$73 is for one quarter, so...

A quarter of a year is 1/4 of the year, so you'd need to do... $73 * 4.
= $292.

$292 is for one year.

Now do...

$292 * 30

Your Answer:
A. $8760 is invested at an interest rate of 7.3% compounded quarterly for 30 years.

You might be interested in

A drawbridge rises at a rate of 3 2/3 feet per minute. The drawbridge rises to a height of 50 feet. How long does it take the dr

k0ka [10]

Answer: Third option.

Step-by-step explanation:

You know that the drawbridge rises at a rate of $3\ \frac{2}{3}$ feet per minute. This means that the drawbridge rises $3\ \frac{2}{3}$ in a minutes.

Convert from mixed fraction to decimal number:

$3\ \frac{2}{3}\ ft=(3+0.66)\ ft=3.6\ ft$

Since the drawbridge rises to a height of 50 feet, you need to apply this procedure in order to find the time the drawbridge takes to completely rise:

$time=\frac{(1\ min)(50\ ft)}{3.66\ ft}=13.6\ min$ or $13\ \frac{7}{11}\ min$