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Viefleur [7K]
3 years ago
12

Jada, when she turned 38, made an investment of $25,000 at an interest rate of 7.8% per year, compounded every 3 months. Now tha

t she is 44 years old, how much is the investment worth
Business
1 answer:
dimulka [17.4K]3 years ago
4 0

Answer:

When Jada is 44 years, the investment will be worth $39,741

Explanation:

time will be 44 - 38 = 6

t = 6 years

compounded every 3 month means 4 times a year (12/3 = 4)

n = 4

r = 7.8%

p = $25,000

FV = P(1 + \frac{r}{n} )^ {nt}\\FV = 25000(1 + \frac{0.078}{4})^{4 * 6}\\FV = 25000(1 + 0.0195)^{24}\\FV = 25000(1.0195)^{24}\\FV = 25000 * 1.589620748\\FV = 39740.518710589\\FV = 39741

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Answer:

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