Question
Asked Oct 10, 2019

Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t years. (Use a 365-day year. Round your answer to the nearest cent.)

P = $43,000, r = 7.75%, t = 9,
compounded quarterly
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Step 1

Given values:

Principal amount P = $43,000
Interest rate r7.75%
Timet 9year
Calculation is quarterly
Hence, n4
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Principal amount P = $43,000 Interest rate r7.75% Timet 9year Calculation is quarterly Hence, n4

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Step 2

Formula for accumulated amount is:

2xt
A Pnx100)
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2xt A Pnx100)

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Step 3

Putting the values in ab...

49
4=S43,000x1+ 7.75
4x100
A=S43,000x4007.75
400
36
A S43,000x
36
A=S43,000x 407.75
400
A = S85800
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49 4=S43,000x1+ 7.75 4x100 A=S43,000x4007.75 400 36 A S43,000x 36 A=S43,000x 407.75 400 A = S85800

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