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kenny6666 [7]
3 years ago
5

Nathan invested $3,500 in an account paying an interest rate of 3.5% compounded

Mathematics
1 answer:
Gnom [1K]3 years ago
3 0

Answer:

\text{Compounded Quarterly:}

Compounded Quarterly:

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

A=P(1+  

n

r

​  

)  

nt

 

Compound interest formula

P=3500\hspace{35px}r=0.035\hspace{35px}t=19\hspace{35px}n=4

P=3500r=0.035t=19n=4

Given values

A=3500\left(1+\frac{0.035}{4}\right)^{4(19)}

A=3500(1+  

4

0.035

​  

)  

4(19)

 

Plug in values

A=3500(1.00875)^{76}

A=3500(1.00875)  

76

 

Simplify

A=6786.05963486

A=6786.05963486

Use calculator

A\approx 6800

<h2>A≈6800</h2>

Step-by-step explanation:

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