Question

Asked Mar 10, 2019

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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 $?

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

Step 2

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

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