If $1000 earns 4% annual interest compounded quarterly, then what is the amount after 20 years? Round your answer to the nearest dollar. Do Not use a $ sign in your answer or any commas. For your information: (1 + .04)(20) = 23.0498 (1+ 4)20 = 1.2202 (1 + 04) 4(20) = 2.2167 (1 + .04)20 2.1911 %3D

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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cements
nect Zoom
If $1000 earns 4% annual interest compounded quarterly, then what is the amount
after 20 years?
Round your answer to the nearest dollar. Do Not use a $ sign in your answer or any
commas.
For your information:
(1 + .04)4(20)
(1+ 4)20
= 23.0498
1.2202
(1 + 04) 4(20)
2.2167
(1 + .04)20
2.1911
Transcribed Image Text:cements nect Zoom If $1000 earns 4% annual interest compounded quarterly, then what is the amount after 20 years? Round your answer to the nearest dollar. Do Not use a $ sign in your answer or any commas. For your information: (1 + .04)4(20) (1+ 4)20 = 23.0498 1.2202 (1 + 04) 4(20) 2.2167 (1 + .04)20 2.1911
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