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2. Determine the amount of an investment if $5,000 is invested at an interest rate of 5% compounded quarterly for 10 years.
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14 votes
2. Determine the amount of an investment if $5,000 is

invested at an interest rate of 5% compounded
quarterly for 10 years.

User RedWolves
by
7.5k points

1 Answer

9 votes

Explanation:

A=P(1+i)^n

=5,000(1+5%/4)^10×4

=$8,218.10

User Nathan Moinvaziri
by
7.4k points
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