SOLUTION: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.) P = $44,000, r = 6.1%, t = 7.5, com

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Question 221144: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $44,000, r = 6.1%, t = 7.5, compounded quarterly
Found 2 solutions by rfer, stanbon:
Answer by rfer(10432) About Me  (Show Source):
You can put this solution on YOUR website!
A=44000(1+.061/4)^30*.061
A=44000(1+.01525)^1.83
A=44000(1.028)
A=$45232.00

Answer by stanbon(48558) About Me  (Show Source):
You can put this solution on YOUR website!
Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $44,000, r = 6.1%, t = 7.5, compounded quarterly
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A(t) = 44000(1+(0.061/4))^(4t)
A(7.5) = 44000(1+(0.061/4)^(4*7.5)
A(7.5) = $69,285.54
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Cheers,
Stan H.