The compound interest formula states that if P dollars are invested at an annual interest rate of r, compounded ŉ times per year, then A, the amount of money presentrnt)". Using this formula, determine how long it will take for $4,500 to double if it is invested at 9 % compounded quarterly?after t years, is given by A = P(1 +P(1Round your answer to two decimal places.AnswerHow to enter your answer (opens in new window)yearsKeypadKeyboard Shortcuts

Given compound interest formula A=P1+rnnt We are given P=$4500A=2P=$9000r=9%=0.09n=4 (1 year = 4…

Answered: The compound interest formula states…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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nt Use the compound interest formulas A = P and A = Pe" to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $25,000 for 4 years at an interest rate of 6% if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly; d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b.What is the accumulated value if the money is compounded quarterly? Enter your answer in each of the answer boxes.
Use the compound interest formula A = P(1 +r/n)^nt where P is the amount deposited, A is the value of the money after t years, r is the annual interest rate as a decimal, and n is the number of compounding periods per year.A computer network specialist deposits $2700 into a retirement account that earns 8.5% annual interest, compounded daily. What is the value of the investment after 30 years? (Round your answer to two decimal places.)
nt r Use the compound interest formulas A = P1+ in and A = Pet to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $25,000 for 4 years at an interest rate of 4% if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly; d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? 2$ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b.What is the accumulated value if the money is compounded quarterly? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) c. What is the accumulated value if the money is compounded monthly? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) d. What is the accumulated value if the money is compounded continuously? $ (Round your answer to the nearest cent. Do not include the $ symbol in your answer.)
nt Use the compound interest formulas A =P and A = Pert to solve the problem given. Round answers to the nearest cent. Find the accumulated value of an investment of $15,000 for 4 years at an interest rate of 6% if the money is a. compounded semiannually; b. compou c. compounded monthly; d. compounded continuously. a. What is the accumulated value if the money is compounded semiannually? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) b.What is the accumulated value if the money is compounded quarterly? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) c. What is the accumulated value if the money is compounded monthly? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.) d. What is the accumulated value if the money is compounded continuously? (Round your answer to the nearest cent. Do not include the $ symbol in your answer.)

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