Question 6 The future value of an investment of P dollars earning an annual interest of r can be calculated with the formula nt A = P(1+-), where t is the number of years of the investment and n is the number of compounding periods per year. Find the future value of $2000 if it is invested for 4 years at an annual interest rate of 10% compounded quarterly. a) 2008.02 b) 2969.01 c) 2000 d) 2089.07
Question 6 The future value of an investment of P dollars earning an annual interest of r can be calculated with the formula nt A = P(1+-), where t is the number of years of the investment and n is the number of compounding periods per year. Find the future value of $2000 if it is invested for 4 years at an annual interest rate of 10% compounded quarterly. a) 2008.02 b) 2969.01 c) 2000 d) 2089.07
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Transcribed Image Text:Question 6
The future value of an investment of P dollars earning an
annual interest of r can be calculated with the formula
A = P(1+
rnt
-) . where t is the number of years of the
investment and n is the number of compounding periods
per year. Find the future value of $2000 if it is invested
for 4 years at an annual interest rate of 10% compounded
quarterly.
a) 2008.02
b) 2969.01
c) 2000
d) 2089.07
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