Question

To what amount did a principal of $7500 grow when invested at 2.1% p.a. from October 13, 2015 to June 18, 2016? 

          To what amount did a principal of $7500 grow when invested at 2.1% p.a. from October 13, 2015 to June 18, 2016?

Added by Iker M.

Elementary and Intermediate Algebra
Elementary and Intermediate Algebra
Alan S. Tussy, R. David Gustafson 5th Edition
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To what amount did a principal of $7500 grow when invested at 2.1% p.a. from October 13, 2015 to June 18, 2016?
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Transcript

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00:01 Find the amount if a principal investment of $10 ,000 is made for six years at a rate of 3 .5 % annual interest compounded quarterly.
00:22 So the formula i want to consider here is amount equals principle one plus rate over number of times per year to the number of times per year and then times.
00:39 So i need to label each variable and then fill it in and calculate that amount.
00:45 So the principle is how much you started with and that's p.
00:49 Years is our time t.
00:52 The rate is at 3 .5 % but you always want to fill it in as a decimal.
00:57 So as a decimal, it would be 0 .035.
01:01 I always think of it like 3%.
01:04 Should look like 3 cents.
01:06 So if i saw like $1 .3 .3 on my receipt, it would be .03...
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