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inysia [295]
3 years ago
12

Anisha invested $8,000 in an account that earns 10% interest How much money will she have in 15 years of the interest is compoun

d quarterly
Mathematics
1 answer:
tamaranim1 [39]3 years ago
5 0

Answer:

A = $35,198.32

Step-by-step explanation:

<em>Use the formula to calculate compound interest</em>:

A = P(1 + i)ⁿ

"A" for total amount after the time period

"P" for principal, or starting money

"i" for the interest rate in a compounding period

To calculate "i":

i = r / c

"n" for the number of compounding periods

To calculate "n":

n = tc

So, we can <u>combine the formulas</u> into:

A = P(1+\frac{r}{c})^{tc}

"c" is the compounding periods in a year. (quarterly = 4)

<u>We know</u>:

P = 8000

r = 10% / 100 = 0.1

t = 15

c = 4

<u>Substitute the information in the formula</u>.

A = P(1+\frac{r}{c})^{tc}

A = 8000(1+\frac{0.1}{4})^{15*4}      Solve "i" and "n"

A = 8000(1+0.025)^{60}        Solve inside the brackets

A = 8000(1.025)^{60}         Do the exponent before multiplying by 8000

A = 35198.318             Exact answer

A ≈ 35198.32              Round to two decimal places for money

Therefore she will have $35,198.32 after 15 years.

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