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40 votes
40 votes
I need the answer to number 2.

I need the answer to number 2.-example-1
User Roisin
by
3.0k points

1 Answer

15 votes
15 votes

Explanation:

strange, you solved much more complicated questions. this here is just to calculate a formula with the given parameters.

the only tricky thing, maybe : the % are to be used as decimal (4.5% = 0.045).

so, the balance after 15 years (compounded quarterly, so n = 4) is

3500×(1 + 0.045/4)^(4×15) = 3500×(1.01125)⁶⁰ =

= 3500 × 1.956645179... = 6,848.258127... ≈

≈ $6,848.26

User Balakrishnan
by
3.1k points