On Melissa's 6th birthday, she gets a $2000 CD that earns 7% interest compounded quarterly. If the CD matures on her 13th birthd
ay, how much money will be available?
1 answer:
Answer:

Step-by-step explanation:
The amount formula in compound interest is:

where:
P = principal amount
r = annual interest
n = number of compounding periods
t = number of years
We already know that:
P = $2000

t = 7 (number of years from 6th to 13th bday)
n = 4 (quarterly in a year)
Then,

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