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18 March, 08:54

If 8900 is invested at 3.8%

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  1. 18 March, 10:05
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    Is this the question, i am assuming you are asking?

    If $8,900 is invested at 3.8% interest compounded quarterly, how much will the investment be worth in 13 yrs?

    A.$14,551.87

    B.$14,518.40

    C.$14,452.92

    D.$14,574.46

    If it is, Here is your answer:

    Just plug everything into the equation.

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

    P is the principle (investment)

    r is the interest rate expressed as a decimal

    n is the number of times compounding occurs in a year

    t is the number of years

    A (13) = 8900 (1 + 0.038/4) ^ (4+13) = 14551.87

    Answer is (A) : 14, 551.87
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