SOLUTION: In many computer applications such as spreadsheets, a power is indicated by a caret symbol (^). For example, 34 would be written as 3^4. As a part of her budget management, Kim has

Question 1009610: In many computer applications such as spreadsheets, a power is indicated by a caret symbol (^). For example, 34 would be written as 3^4. As a part of her budget management, Kim has put money into an Individual Retirement Account. She creates a spreadsheet to estimate her earnings over time. She enters the formula: 1500(1+\frac{0.06}{4})^{4*A2} , where A2 = the time in years.
How much did Kim invest and what annual rate of interest does she expect to earn over time?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Interest problem
P=Po{1+0.06/4}^4A2
She invested $1500 at 6% compounded quarterly
That is equal to 6.14% APR (not compounded at all)
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