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Suppose that $2000 is invested at a rate of 3.4% interest, compounded quarterly. Assuming no withdrawals are made, find the amount after 10 years

Suppose that $2000 is invested at a rate of 3.4% interest, compounded quarterly. Assuming no withdrawals are made, find the amount after 10 years
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4 votes
Suppose that $2000 is invested at a rate of 3.4% interest, compounded quarterly. Assuming no withdrawals are made, find the amount after 10 years

User Hrvoje Hudo
by
8.4k points

1 Answer

4 votes
A=p(1+i/m)^mn
A=2,000×(1+0.034÷4)^(4×10)
A=2,805.86
User Danimt
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8.2k points
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