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11 December, 20:30

Mrs. Stevens wants to have $18,000 in the bank in 3 years. If she deposits $9500 today at 4% compounded quarterly for 3 years, how much additional money will she need to add after three years to her investment to make her balance $18000? a. $8356.79 c. $7295.16 b. $0 d. $10,704.84

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  1. 11 December, 21:10
    0
    7,295.16

    Step-by-step explanation:

    A=p (1+i/m) ^mn

    A=9,500 * (1+0.04:4) ^ (4*3)

    A=10,704.84

    The balance she needs

    18,000-10,704.84

    =7,295.16
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Home » Mathematics » Mrs. Stevens wants to have $18,000 in the bank in 3 years. If she deposits $9500 today at 4% compounded quarterly for 3 years, how much additional money will she need to add after three years to her investment to make her balance $18000? a. $8356.
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