Question

Jane invested $1,200 at 9% interest compounded quarterly. How much money will she

Answer 1

Answer:

The Amount after 7 years of investment is $2193.6

Step-by-step explanation:

Given as :

The invested principal = p = $1200

The rate of interest = r = 9%

Then time period for investment = t = 7 years

Let The amount after 7 years =  $ A

From Compound Interest method

Amount = Principal ×  $(1+\dfrac{\textrm rate}{100})^{\textrm time}$

Or, A = p × $(1+\dfrac{\textrm r}{100})^{\textrm t}$

Or, A = $1200 × $(1+\dfrac{\textrm 9}{100})^{\textrm 7}$

Or, A = $1200 × $(1.09)^{7}$

or, A = $1200 × 1.8280

or , A = $2193.6

So amount after 7 years of investment = A = $2193.6

Hence The Amount after 7 years of investment is $2193.6 Answer