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23.10.2019 •
Mathematics
The manager of a money-market fund has invested $4.2 million in certificates of deposit that pay interest at the rate of 5.4% per year compounded quarterly over a period of 5 years. how much will the investment be worth at the end of 5 years?
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Ответ:
549192.188 $
Step-by-step explanation:
Compounded interest is calculated each year based on the starting amount of that year.
To calculate compounded interest the following formula is used
where
A = Amount at the end of the year
P = 4,200,000 (Principal amount at the start)
r = 0.054 (rate of interest, i.e. 5.4%)
n = 4 (compounding frequency in an year, i.e. quarterly)
t = 5 (number of years)
The solution will thus be
A = 549192.188
Ответ:
A=10×(1+1.05)^(19)
A=8,381,531.09