SOLUTION: If 25,000 dollars is invested at an interest rate of 9 percent per year, find the value of the investment at the end of 5 years
(a) Annual $______
(b) Semiannual$_____
(c) Dail
Algebra.Com
Question 1103276: If 25,000 dollars is invested at an interest rate of 9 percent per year, find the value of the investment at the end of 5 years
(a) Annual $______
(b) Semiannual$_____
(c) Daily$______
(d) Continuously $_______
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Compound interest formula
P=Po(1+r/n)^nt
Po=25000
r=0.09
t=5
n=1 for annual 25000(1+.09)^5=$38465.60
2 for semi annual 25000(1.045)^10=$38824.24
365 for daily $39205.63
P=Poe^rt for continuous compounding. $39207.80
RELATED QUESTIONS
If 28300 dollars is invested at an interest rate of 9 percent per year, find the value of (answered by math_tutor2020,ikleyn)
If 7000 dollars is invested at an interest rate of 9 percent per year, find the value of... (answered by addingup,MathTherapy)
If 6400 dollars is invested at an interest rate of 5 percent per year, find the value of... (answered by solver91311)
If 27200 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Boreal)
If 14,100 dollars is invested at an interest rate of 7 percent per year, find the value... (answered by ikleyn)
If 27300 dollars is invested at an interest rate of 6 percent per year, find the value of (answered by Alan3354)
If 27300 dollars is invested at an interest rate of 6 percent per year, find the value of (answered by solver91311)
If 27600 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Theo)
If 25400 dollars is invested at an interest rate of 9 percent per year, compounded... (answered by fractalier)