document.write( "Question 884146: Determine the future value of a simple interest investment where 3 % interest paid quarterly for 3 years on $700.\r
\n" ); document.write( "\n" ); document.write( "My daughter is using the equation A=P(1+rt)
\n" ); document.write( "so far we have A =700(1+.03) but having trouble figuring out the time. Could you explain how to figure out the time please? thanks! Sue \n" ); document.write( "
Algebra.Com's Answer #534030 by nerdybill(7384)\"\" \"About 
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Determine the future value of a simple interest investment where 3 % interest paid quarterly for 3 years on $700.
\n" ); document.write( "First,
\n" ); document.write( "A=P(1+rt)
\n" ); document.write( "is for \"simple interest\" (interest paid yearly).
\n" ); document.write( "This problem says it is paid \"quarterly\" (4 times per year)
\n" ); document.write( "You must use the \"compound interest\" formula:
\n" ); document.write( "A=P(1+r/n)^(nt)
\n" ); document.write( "where
\n" ); document.write( "n = 4
\n" ); document.write( "r = .03
\n" ); document.write( "t = 3
\n" ); document.write( "P = 700
\n" ); document.write( ".
\n" ); document.write( "A = 700(1+.03/4)^(4*3)
\n" ); document.write( "A = 700(1+0.0075)^12
\n" ); document.write( "A = 700(1.0075)^12
\n" ); document.write( "A = $765.66\r
\n" ); document.write( "\n" ); document.write( ". \n" ); document.write( "
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