Question
Asked Apr 13, 2019
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If $1500 is invested at an interest rate of 5.75% per year, compounded quarterly, find the value of the investment after the given number of years (Round your answers to the nearest cent.)

(a) 1 year

(b) 2 years

(c) 12 years

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Expert Answer

Step 1

To calculate the value of the investment (where the interest is compounded) for different time periods

Step 2

Unlike  simple interest, when the interest is compounded, the interest accrued earlier is also added to the investment (repeatedly) at given time periods. The value of the investment increases exponentially in this case.

Step 3
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