Mathematics, 26.02.2021 19:00 on3lilbit
Directions - Identify the key components, create a compound interest equation, and answer the questions.
You invest $4000 into an account that compounds interest on a quarterly basis at 3%. How much money will you have after 5 years? Compound Interest formula: A=P(1+\frac{r}{n})^{(nt)}A=P(1+
n
r
β
)
(nt)
a) P =
β
βb) r =
βc) n =
βd) t =
βe) Value after 5 years =
(round to two decimal places)
Answers: 2
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Directions - Identify the key components, create a compound interest equation, and answer the questi...
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