bewellplus.gsu.edu
aigner
aigner aigner
  • 22-01-2015
  • Mathematics
Answered

Paige invested 1200 at an interest rate of 5.75% compounded quarterly. Determine the value of her investments in 7 years.

Verified Answer :

logo88
logo88 logo88
  • 24-01-2015

use the formula A=p(1+r)^n
where 
A= value of investment
r= rate
n= time period
p= amount invested
in this question 
r= 5.75% but compounded quarterly means divide this by 4
r= 23/1600
n=7*4
n=28
p= $1200
A=1200(1+23/1600)^28

A= $1789.54

Therefore the value of her investment in 7 years is $1789.54

Answer Link

Related Questions

24 tens equals what
Three friends want to drive to the park park A is 34 miles from Jamies house park B is 158 miles from Jamies house which park is closer to Jamies house
Which of the following elements would be classified as a nonmetal Which of the following should be classified as a mixture water air iron helium
The powerful but unofficial post of involves steering floor action to a partys benefit a floor leader b president of the Senate c Speaker of the House d Committ
How did pisistratus gain the support of the poor
32 multiplied by 3
if we increase the distance traveled over the same period of time this will
cammie goes to the gym to exercise 4 times per week altogether how many times does she go to the gym in ten weeks
Which country was not greatly impacted by the Arab Spring
What can you conclude about the area groundwater supply