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EastWind [94]
3 years ago
12

An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much intere

st is earned on the investment?
a.
$724.67
b.
$2127.72
c.
$720.37
d.
$2720.37
Mathematics
1 answer:
LekaFEV [45]3 years ago
7 0

Let:<span>
 
P be the initial amount of money called the Principal, 

compounded n times a year, with an r annual interest rate, then after 
<span>
t </span>many years, the amount of money A is given by the formula:


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


Remark
----------------------------------------------------------------------------------

r is generally a percentage like 3%, 7% etc and are applied in the formula as 0.03, 0.07..., 

the interest is compounded generally annually (n=1), quarterly (n=4), monthly (n=12), etc...

t is in years,

-------------------------------------------------------------------------------------

Thus, in our problem, P=$2,000, r=6.2%=0.062, n=4, t=5

Applying the formula:


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

A=2,000* (1+ \frac{0.062}{4}&#10;)^{4*5}=2,000(1.0155)^{20}

=2,000*1.3602=2720.4


2720.4-2000=720.4 ($)</span>


Answer: 

<span>c.
$720.37</span>
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