Question
Asked Mar 9, 2019

Find the amount that results from the given investment. $500 invested at 4% compounded quarterly after a period of 2 1/2 years:

After 2 1/2 years, the investment results in how much $?

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Expert Answer

Step 1

Formula used:

Future value formula

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Step 2

Calculation:

Apply the above formula and obtain the required amount.

That is substitute m = 4, r = 0.04,P = 500, and ...

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Tagged in

Math

Algebra