Concept explainers
Find the value of your investment after a total of five years’ growth.
Answer to Problem 4ST
About $3277.22
Explanation of Solution
Given:
You invest $2000 in a bank offering 10% interest compounded quarterly.
Formula Used:
where
t is the time in years
n is the number of times the interest is compounded in a year
Calculation:
Given
r = 0.10
t = 5
n = 4 (quarterly means 4 times in a year)
Substitute in the formula and find the amount after 5 years :
So, the value of the investment after a total of five years’ growth is about $3277.22.
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Algebra and Trigonometry: Structure and Method, Book 2
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