Register
Find the final amount of $1000 investment after 9 years at 8% interest compound quarterly
145k views
5 votes
Find the final amount of $1000 investment after 9 years at 8% interest compound quarterly

User Kalu Singh Rao
by
5.0k points

1 Answer

6 votes
Here's the equation for one year:
1000 + 0.08(1000)
But because it is 9 years:
1000 + 9(0.08(1000))
1000 + 0.72(1000)
We can make it simpler:
1.72(1000)
Multiply:
1720
You will have $1720
User Nathanael Smith
by
6.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.0m questions

7.8m answers

Other Questions

Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Ten gallons of paint were poured into two containers of different sizes. Use one variable to express the amount poured into each container
Use the normal model ​n(11371137​,9696​) for the weights of steers. ​a) what weight represents the 3737thth ​percentile? ​b) what weight represents the 9999thth ​percentile? ​c) what's the iqr of the weights
What is the value of x? (-4) - x = 5
A bank offers a 4% annual interest rate for a savings account. Juan puts $5,000 into an account to save for college. How much will be in the account after a year?
Link Copied!