tashaengletonpdzbd0 tashaengletonpdzbd0
  • 24-08-2018
  • Mathematics
contestada

Felipe Rivera's savings account has a balance of 2163 After 3 years what will the amount of interest be at 4%
compounded quarterly?

Respuesta :

jdoe0001 jdoe0001
  • 24-08-2018

[tex] \bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\dotfill &\$2163\\
r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, thus four}
\end{array}\dotfill &4\\
t=years\dotfill &3
\end{cases}
\\\\\\
A=2163\left(1+\frac{0.04}{4}\right)^{4\cdot 3}\implies A=2163(1.01)^{12}\implies A\approx 2437.322540175 [/tex]

Answer Link

Otras preguntas

If x = -3, calculate the value of: 2x2 + x
Most European nations have a dominant culture. a. True b. False
Eloise is planning on retiring soon. When she first began working she invested $1500 in a retirement fund. The percent increase on her investment is 95%. How mu
What does "n" equal in N+2n+20-4=12+3n?
Simplify the expression. -3(b – 7)
From 86 books to 150 books
why does the author suggest that the romans treated Carthage with such brutality after the third Punic War?
What does "n" equal in N+2n+20-4=12+3n?
Which pronoun agrees with the antecedent in the sentence? Did either of the computers come with __________ instructions? A. theirs B. its C. their D. it's
Which of these would be the most reliable source for a classroom presentation on "The Dangers of Texting and Driving"? an interview with someone who likes to te