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Jeremy invested $7,500 into an account with 3.65 % interest compounded quarterly. How much did he have in his account after 5 years? Round your answer to the nearest hundredth.​

2 Answers

5 votes

Answer:


A = P(1+(r)/(n))^(nt)

P = $7500

r = 3.65% = .0365

n = 4 (because compounded quartely)

t = 5years


A = 7500(1+(0.0365)/(4))^(4*5)\\\\

=
7500(1+0.09125)^(20) = 8994.16

Answer = $8994.16

User Nevf
by
8.0k points
3 votes

Answer:

8994.16

Explanation:

formula:


PV(1+(i)/(n))^(nt)\\7500(1+(.0365)/(4))^(5*4)\\8994.16

User Spencewah
by
8.2k points

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