Answered

Expand your horizons with the diverse and informative answers found on IDNLearn.com. Discover detailed answers to your questions with our extensive database of expert knowledge.

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

Sagot :

S119187idn

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.

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Your search for solutions ends here at IDNLearn.com. Thank you for visiting, and come back soon for more helpful information.