A savings account with an initial deposit of $10,000 has an annual interest rate of 3.2%. The interest on the account is compoun
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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
The most appropriate choice for square root will be given by-
lies between 3 and 4
What is square root of a number?
Number raised to the power is the square root of the number.
Here
3.464 lies between 3 and 4
lies between 3 and 4
To learn more about square root of a number, refer to the link:
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