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Hitman42 [59]
3 years ago
5

find the amount accumulated after investing a principal P for t years at an interest rate compounded k times per year . ​

Mathematics
1 answer:
Dafna1 [17]3 years ago
5 0

Answer:

A = $2,122.20

Step-by-step explanation:

A = P(1 + r/k)^kt

Where,

A = future amount

P = principal = $1,500

r = interest rate = 7%

k = number of periods compounded = 4

t = years = 5 years

A = P(1 + r/k)^kt

= 1,500 (1 + 0.07/4)^4*5

= 1,500 (1 + 0.0175)^20

= 1,500 (1.0175)^20

= 1,500 (1.4148)

= 2,122.20

A = $2,122.20

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