Answered

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Determine the amount of an
investment if $700 is invested at an interest rate of 8%
compounded quarterly for 9 years

Sagot :

Answer:

$1435.18

Step-by-step explanation:

determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years

Formula: A(t)=P(1+r/n)^(nt)

A(9) = 700(1+0.08/12)^(12*9)

A(9) = 700(1+0.00667)^(108)

A(9) = 700(2.05026

A(9) = $1435.18

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