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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

Solution

solve for

t h e v a l u e o f t h e in v es t m e n t a f t er t h e s p ec i f i e d t im e p er i o d . R o u n d t o t h e n e a res t ce n t . a 6500 in v es t m e n t co m p o u n d e d q u a r t er l y a t a 4.1% in t eres t r a t e f or 15 ye a rs

Solution

Amount : 11985.19

Solution steps

Translate the problem into an equation:

A = 6500 (1 + \frac{0.041}{4})^{4 \cdot 15}

6500 (1 + \frac{0.041}{4})^{4 \cdot 15} = 11985.18945 \dots

Round to the nearest hundredth:

11985.19

Amount : 11985.19

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