Question

On Melissa's 6th birthday, she gets a $4000 CD that earns 4% interest, compounded quarterly. If the CD matures on her 15 th birthday, how much money will be available? The amount available will be $5723.07. (Simplify your answer. ) (Round to the nearest cent. )

Name: on melissas 6th birthday she gets a 4000 cd that earns 4 interest compounded quarterly if the cd matures on her 15 th birthday how much money will be available the amount available will be 5 92778
Uploaded: 2022-01-02T02:56:17-08:00
Duration: 1 min 46 s
Channel: Darshan Maheshwari
Description: on melissas 6th birthday she gets a 4000 cd that earns 4 interest compounded quarterly if the cd matures on her 15 th birthday how much money will be available the amount available will be 5 92778

          On Melissa's 6th birthday, she gets a $4000 CD that earns 4% interest, compounded quarterly. If the CD matures on her 15 th birthday, how much money will be available? The amount available will be $5723.07. (Simplify your answer. ) (Round to the nearest cent. )

Added by Ronald P.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

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Solved by Expert Darshan Maheshwari

01/02/2022

Step 1

The formula for compound interest is: \[ A = P \left(1 + \frac{r}{n}\right)^{nt} \] where: - $ A $ = the amount of money accumulated after n years, including interest. - $ P $ = the principal amount (the initial amount of money). - $ r $ = the annual Show more…

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On Melissa's 6th birthday, she gets a $4000 CD that earns 4% interest, compounded quarterly. If the CD matures on her 15 th birthday, how much money will be available? The amount available will be $5723.07. (Simplify your answer. ) (Round to the nearest cent. )