Mathematics: Suppose $2000 is deposited in an account paying 3.5% interest compounded quarterly. what will the account balance be after 14 years?

Suppose $2000 is deposited in an account paying

Ответ:

tylercarey5

13.03.2022

$\bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to &\$2000\\
r=rate\to 3.5\%\to \frac{3.5}{100}\to &0.035\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, thus four}
\end{array}\to &4\\
t=years\to &14
\end{cases}
\\\\\\
A=2000\left(1+\frac{0.035}{4}\right)^{4\cdot 14}\implies A=2000(1.00875)^{56}
\\\\\\
A\approx 3257.681852590698$

0,0(0 оценок)

Suppose $2000 is deposited in an account paying 3.5% interest compounded quarterly. what will the account balance be after 14 years?

Ответ:

Ответ:

Ask your question to the AI advisor

More tips

Answers on questions: Mathematics

Ask an AI advisor a question