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Svet_ta [14]
3 years ago
11

What is the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5%?

Mathematics
1 answer:
erica [24]3 years ago
8 0

Answer:

Principal = 3500

Time = 8 years

We are given that compound quarterly

So, No. of compounds per year = 2

Rate of interest = 5%

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

Substitute the values :

A=3500(1+\frac{0.05}{2})^{2 \times 2}

A=3863.345

Interest = 3863.345 - 3500 = 363.345

Hence the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5% is $3863.345 and the interest that was made on that account mentioned is $363.345

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