Register
Suppose that $2000 is invested at a rate of 2.6 %, compounded quarterly Assuming that no withdrawals are made the amount after 8 years
1.3k views
23 votes
Suppose that $2000 is invested at a rate of 2.6 %, compounded quarterly Assuming that no withdrawals are made the amount after 8 years

User VishuB
by
2.9k points

1 Answer

12 votes

A = p(1+r/n)nt

A = final amount

p = principal = 2000

r = interest rate = .04

n = # times compounded pet year = 2

t = time in years = 7

A = 2000(1+.04/2)2(7)

A = 2000(1.02)14

A= 2638.957

HOPE IT HELPS.....

User Nithin
by
3.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.3m questions

4.2m answers

Other Questions

A study was completed in Florida. In southern Florida, the study involved 3,000 patients; 54% of them experienced flulike symptoms during the same month. The study had a margin of error of 1.8%. What does
The sanchez family goes out for dinner, and the price of the meals is $60. The sales tax on the Meals is 7 percent, and they also want to leave a 15 percent tip. What is the total cost of the meal? Analyze
Simplify: 10 ÷ [(5 + 2) − 5]
WHAT IS 33 TIMES 5 TELL ME THE ANWER
At the beginning of a population study, a city had 240,000 people. Each year since, the population has grown by 9.7%. Lett be the number of years since start of the study. Let y be the city's population.
Link Copied!