Total = principal * (1 + rate / n)^(n * years)
where "n" is the number of compounding periods per year
Total = 1,500.00 * (1 + .025/4)^(4 * 4)
Total = 1,500.00 * ( <span><span><span>1.00625
</span>
</span>
</span>
)^(16)
Total = 1,500.00 *
<span>
<span>
<span>
1.104827038
</span>
</span>
</span>
Total =
<span>
<span>
<span>
1,657.240557
</span>
</span>
</span>
Total =
<span>
<span>
<span>
1,657.24 (rounded)
Source:
http://www.1728.org/compint2.htm (formula)
http://www.1728.org/compint.htm (calculator)
</span></span></span>
Standard: 784,000
Word: seven hundred eighty-four thousand
Expanded: (700,000) + (80,000) + (4,000)
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Answer:
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