Find the final amount. ​$4000 invested at 11​% APR compounded quarterly for 5 years The final amount is ​$ nothing. ​(Do not round until the

Question

Find the final amount. ​$4000 invested at 11​% APR compounded quarterly for 5 years The final amount is ​$ nothing. ​(Do not round until the final answer. Then round to the nearest hundredth as​ needed.

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Clara 2 weeks 2021-09-07T23:35:34+00:00 1 Answer 0

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    2021-09-07T23:36:54+00:00

    The final amount is $ 6881.71

    Solution:

    The formula for compound interest, including principal sum, is:

    A = p(1 + \frac{r}{n})^{nt}

    Where,

    A = the future value of the investment

    P = the principal investment amount\

    r = the annual interest rate in decimal

    n = the number of times that interest is compounded per unit t

    t = the time the money is invested

    From given,

    p = 4000

    t = 5

    r = 11 \% = \frac{11}{100} = 0.11

    n = 4 ( compounded quarterly )

    Substituting the values in formula,

    A = 4000(1 + \frac{0.11}{4})^{4 \times 5}\\\\ A = 4000( 1.0275)^{20}\\\\A = 4000 \times 1.720428\\\\A = 6881.7137 \approx 6881.71

    Thus the final amount is $ 6881.71

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45:7+7-4:2-5:5*4+35:2 =? ( )