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Find the total amount after 2 years of an investment of $1500 in an account paying 4% interest, compounded quarterly. A=P(1+r/n)nt ( '' nt '' are exponents ) Question 1 options: $1622.40 $1624.29 $1560
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Mar 21, 2018
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Find the total amount after 2 years of an investment of $1500 in an account paying 4% interest, compounded quarterly.
A=P(1+r/n)nt ( '' nt '' are exponents )
Question 1 options:
$1622.40
$1624.29
$1560
$1620
Mathematics
high-school
Schellingerht
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Schellingerht
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The formula is
A=P(1+r/n)^nt
A future value?
P present value 1500
R interest rate 0.04
N compounded quarterly 4
T time 2 years
A=1,500×(1+0.04÷4)^(4×2)
A=1,624.29
So the answer is B
Hope it helps!
Fernando Del Olmo
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Mar 27, 2018
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Fernando Del Olmo
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