Assume that $1,390 is invested at a 7.5% annual rate, compounded quarterly. Find the value of the investment after 7 years. Round your answer to two decimal places.
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Since the annual interest rate is 7.5%, we can divide this by 4 to find the quarterly interest rate: Quarterly interest rate = $\frac{7.5\%}{4} = 1.875\% = 0.01875$ Show more…
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