O EXPONENTIAL AND LOGARITHMIC FUNCTIONSTry agai...MaxFinding the final amount in a word problem on compounde interestEspañolETry AgainSuppose that $2000 is invested at a rate of 3.3%, compounded quarterly. Assuming that no withdrawals are made, find thtotal amount after 10 years.Do not round any intermediate computations, and round your answer to the nearest cent.?XAa

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Asked Sep 27, 2019
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O EXPONENTIAL AND LOGARITHMIC FUNCTIONS
Try agai...
Max
Finding the final amount in a word problem on compounde interest
Español
ETry Again
Suppose that $2000 is invested at a rate of 3.3%, compounded quarterly. Assuming that no withdrawals are made, find th
total amount after 10 years.
Do not round any intermediate computations, and round your answer to the nearest cent.
?
X
Aa
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O EXPONENTIAL AND LOGARITHMIC FUNCTIONS Try agai... Max Finding the final amount in a word problem on compounde interest Español ETry Again Suppose that $2000 is invested at a rate of 3.3%, compounded quarterly. Assuming that no withdrawals are made, find th total amount after 10 years. Do not round any intermediate computations, and round your answer to the nearest cent. ? X Aa

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Expert Answer

Step 1

To find the amount present in bank after time t years we use the below formula:
where,
P = Principal or amount of money deposited
n = number of times compounded per year
r = annual interest rate
t = times in years
A = total amount after t years.

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n-t A P 1+

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Step 2

Given:
Amount of money deposited, P = $2000/-
Interest Rate, r = 3.3%
number of times compounded per year, N = 4
Time, t = 10 years

Step 3

Plugging these values in the a...

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0.033 410 A 2000 1 4 4-10 =2000 10.033 4 =2000 (1+0.00825) 40 2000 (1.00825) 2778.17

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