Question
Asked Mar 10, 2019
51 views
Find the amount that results from the given investment. $700 invested at 3% compounded quarterly after a period of 2 1/2 years:
 
After 2 1/2 years, the investment results in how much $?
check_circle

Expert Answer

Step 1

If P is investment amount, ris rate as a decimal, n is number of compoundings per year and t is time in years. Then formula for calculating final  amount is shown on board

fullscreen
Step 2

Here P=$700 ,r=0.03, n=4, t=2and half years=5/2 years, by ...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Math

Algebra

Related Algebra Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Solve the system. If there is no solution or if there are infinitely many solutions and the system's...

A: Adding second and third equation

question_answer

Q: Use the graph of y f(x) to graph the function g(x)=f(x + 4) Choose the correct graph of g below y fx...

A: Refer to the question, with the use of the provided graph of y = f(X) we have to find the graph of t...

question_answer

Q: Let A1, A2 and A3 be mutually exclusive and exhaustive events of some sample space S, where P(A1) = ...

A: In this question, it has been given that A1, A2 and A3 are mutually exclusive and exhaustive events....

question_answer

Q: A local sandwich store has a fixed weekly cost of $570.00, and variable costs for making a roast bee...

A: One sandwich costs $0.45 So, x sandwichs cost $0.45x.Fixed cost is $570So, weekly cost= 0.45x+570Ans...

question_answer

Q: Sketch the graph of the quadratic function f (x) = x 2 + 3x + 1/4 without using a graphing utility. ...

A: (1)We are given quadratic equation 

question_answer

Q: Use the tables to evaluate: a) (Ug)(-1) b) (f o g)00) e) g-0) 7) x-1 0 1 2 g(x) 2 10 1 x-1 0 1 2

A: Calculation:a)Compute the value of (fg)(-1) as follows.(fg)(-1) = f(-1) × g(-1)                     ...

question_answer

Q: Suppose that the local sales tax rate is 6% and you purchase a car for $29,100. a. How much tax is p...

A: GivenThe sales tax is 6% of the price of the car.The price of the car is $29,100.

question_answer

Q: Find the coordinates of the vertex of the quadratic function: y=x2+3

A: The quadratic equation is given by,

question_answer

Q: Suppose that there are two types of tickets to a show: advance and same-day. The combined cost of on...

A: Let a   be the cost of advance ticket and s be the cost of of same day.It is given that combined cos...