Jeremy Johnson’s statement balance is $523.11. He has two outstanding checks. One is for $32.10 and the other is for $198.33. Wh
1 answer:
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A) P is the current value so P is $2,500.
r is the annual percentage rate which is 2.7% BUT it must be written as a decimal.
so r is 1.027.
n is 4 because it is compounded quarterly which is 4 times per year.
B) now substitute these values into the formula and now you know that t is 7 as it says in the question
when you type this into the calculator, you should round your answer to 2 decimal places as you are considering money.
therefore, the answer is $1,502,827.17
hope this helps! have a good day ~ •lipika•