Suppose that $2000 is invested at a rate of 2.6 %, compounded quarterly Assuming that no withdrawals are made the amount after 8

Question

Masja [62]

3 years ago

7

Suppose that $2000 is invested at a rate of 2.6 %, compounded quarterly Assuming that no withdrawals are made the amount after 8

years

Mathematics

1 answer:

finlep [7] · Answer 1 · 2022-08-27T21:06:26+03:00

<h3><em>A = p(1+r/n)nt </em></h3><h3><em>A = final amount </em></h3><h3><em>p = principal = 2000 </em></h3><h3><em>r = interest rate = .04 </em></h3><h3><em>n = # times compounded pet year = 2 </em></h3><h3><em>t = time in years = 7 </em></h3><h3><em> </em></h3><h3><em>A = 2000(1+.04/2)2(7) </em></h3><h3><em>A = 2000(1.02)14 </em></h3><h3><em>A= 2638.957</em></h3><h3><em>HOPE IT HELPS.....</em></h3>