Question

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.​

Answer 1

`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

Answer 2

8994.16

Explanation:

formula:

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