SOLUTION: Suppose $2500 is invested at 4% interest, compounded quarterly. How much is the investment worth after 6 years? Round your answer to the nearest cent.
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Question 62744: Suppose $2500 is invested at 4% interest, compounded quarterly. How much is the investment worth after 6 years? Round your answer to the nearest cent. Answer by joyofmath(189) (Show Source):
You can put this solution on YOUR website! Suppose $2500 is invested at 4% interest, compounded quarterly. How much is the investment worth after 6 years? Round your answer to the nearest cent.
4% over 1 year = 1% per quarter.
6 years = 6*4 = 24 quarters.
The value of the investment after 24 quarters at 1% per quarter = .
Do this on a calculator and you get = .
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