find the amount accumulated after investing a principal P for t years at an interest rate compounded k times per year .
1 answer:
Answer:
A = $2,122.20
Step-by-step explanation:
A = P(1 + r/k)^kt
Where,
A = future amount
P = principal = $1,500
r = interest rate = 7%
k = number of periods compounded = 4
t = years = 5 years
A = P(1 + r/k)^kt
= 1,500 (1 + 0.07/4)^4*5
= 1,500 (1 + 0.0175)^20
= 1,500 (1.0175)^20
= 1,500 (1.4148)
= 2,122.20
A = $2,122.20
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