WILL GIVE BRAINLIEST IF CORRECT
2 answers:
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Answer:
$1,179
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, lets change 2.6% into a decimal:
2.6% -> -> 0.026
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
The account balance after 10 years will be $1,179
Answer:
The future value of this initial investment after the six year period is $2611.6552
Step-by-step explanation:
Consider the provided information.
A student desired to invest $1,540 into an investment at 9% compounded semiannually for 6 years.
Future value of an investment:
Where Fv is the future value, p is the present value, r is the rate and n is the number of compounding periods.
9% compounded semiannually for 6 years.
Therefore, the value of r is:
Number of periods are: 2 × 6 = 12
Now substitute the respective values in the above formula.
Hence, the future value of this initial investment after the six year period is $2611.6552