if $3200 is invested for x years at 8%, compounded quarterly, the interest earned is I=3200(1.02)^(4x)-3200
Added by Blanca C.
Step 1
Let's think step by step. Show more…
Show all steps
Close
Your feedback will help us improve your experience
Maria Dearborn and 77 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
if $2000 is invested for 5 years at 8% compounded quarterly, how much interest (in $) will be earned? (round to nearest cent)
Maria D.
If $1100 is invested for x years at 8%, compounded quarterly, the future value that will result is represented by the following equation: S = 1100(1.02)^(4x). What amount will result in 7 years? Step 1: Given that the value of an investment in x years is given by S = 1100(1.02)^(4x), we want to find the amount that will result in 7 years. To do this, we let x = 7 years in the formula and compute the result using a calculator. Remember to use the proper order of operations. In the last step, round your answer to the nearest cent.
Michael A.
Find the accumulated value of an investment of $3200 for 4 years at an interest rate of 4.5% if the money is a) compounded quarterly b) compounded continuously
Gregory H.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD