Matthew invests $500 into an account with a 2.5% interest that is compounded quarterly. How much money will he have in this acco

Question

2 years ago

10

unt if he keeps it for 10 years? Round your answer to the nearest cent. D

2 answers:

Levart [38] · Answer 1 · 2022-09-12T02:21:30+03:00

8 0

Answer:

$642

Step-by-step explanation:

Use the compound interest formula and substitute the correct values: A=500(1+0.025/4) $^{4(10)}$ .

Simplify by using order of operations: A=500(1.00625) $^{40}$ =500(1.283026821) ≈ 642.

Karo-lina-s [1.5K] · Answer 2 · 2022-09-12T00:21:42+03:00

3 0

Answer:

$641.4

Step-by-step explanation:

500(1 + 0.025/4)⁴⁰

= 641.5134103