document.write( "Question 870436: If $15,000 is invested and interest is compounded quarterly, determine the amount of the investment after 3 years for the given interest rates. (Round your answers to two decimal places.) \r
\n" ); document.write( "\n" ); document.write( "8.5 percent \r
\n" ); document.write( "\n" ); document.write( "6.5 percent \r
\n" ); document.write( "\n" ); document.write( "6 percent \r
\n" ); document.write( "\n" ); document.write( "5.5 percent \r
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\n" ); document.write( "\n" ); document.write( "I thought I was doing it right but they are wrong. I was using the formula A(1/4)=P(1+r/4) \n" ); document.write( "

Algebra.Com's Answer #524845 by ewatrrr(24785) $\"\"$ $\"About$

You can put this solution on YOUR website!


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document.write( "Hi
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document.write( " In General 
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document.write( "A = Accumulated Amount
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document.write( "P= principal = $15,000
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document.write( "r= annual rate = .085 (for ex)
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document.write( "n= periods per year = 4 (compounded quarterly)
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document.write( "t= years = 3
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document.write( "A = $15,000(1 + .085/4)^(4*3)
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document.write( "A = $15,000(1.02125)^(12)
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document.write( "etc as Annual Interest rate changes
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