Answered

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Michelle invests $1000 at a bank offering 3% compounded quarterly.

Sagot :

S119187

Answer:

A = 1000(1 + .03 /4)4t

Explanation:

The money invested is the principal that is $ 1000.

The quarterly interest = 3/4 = 0.75 %

Assuming the number of years the money invested was x, then the interest period (n) will be 4 x (quarters)

Using the formula, A = P (1 + r/100)∧n

Therefore, the growth of the investment will be given by

1000( 1.0075)∧n, where n is the interest period.

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