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Popular Word Problems >

Find the value of the investment after the specified time period. Round to the nearest cent.a 6500 investment compounded quarterly at a 4.1% interest rate for 15 years

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Solution

solve for thevalueoftheinvestmentafterthespecifiedtimeperiod.Roundtothenearestcent.a6500investmentcompoundedquarterlyata4.1%interestratefor15years

Solution

Amount:11985.19
Solution steps
Translate the problem into an equation:A=6500(1+40.041​)4⋅15
6500(1+40.041​)4⋅15=11985.18945…
Round to the nearest hundredth:11985.19
Amount:11985.19

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