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2 years ago

14

3. Gavin deposited $1500 into his savings account that is compounded quarterly at an interest rate of 1.5%. How much money will

Gavin have after 5 years? Must show setup and answer for credit.

2 answers:

wolverine [178]2 years ago

7 0

Answer:

$\$1,616.60$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=5\ years\\ P=\$1,500\\ r=1.5\%=1.5/100=0.015\\n=4$

substitute in the formula above

$A=1,500(1+\frac{0.015}{4})^{4*5}$

$A=1,500(1.00375)^{20}$

$A=\$1,616.60$

Natali5045456 [20]2 years ago

5 0

Answer:

we know that

The compound interest formula is equal to

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

substitute in the formula above

Step-by-step explanation:

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