tashaengletonpdzbd0 tashaengletonpdzbd0
  • 24-08-2018
  • Mathematics
contestada

Felipe Rivera's savings account has a balance of 2163 After 3 years what will the amount of interest be at 4%
compounded quarterly?

Respuesta :

jdoe0001 jdoe0001
  • 24-08-2018

[tex] \bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\dotfill &\$2163\\
r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, thus four}
\end{array}\dotfill &4\\
t=years\dotfill &3
\end{cases}
\\\\\\
A=2163\left(1+\frac{0.04}{4}\right)^{4\cdot 3}\implies A=2163(1.01)^{12}\implies A\approx 2437.322540175 [/tex]

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