SOLUTION: suppose u invest 1500 dollars in an account paying 4.5% annual interest. Find the account balance after 25 years with the interest compounded annually,semi annually,quarterly,month

Algebra ->  Finance -> SOLUTION: suppose u invest 1500 dollars in an account paying 4.5% annual interest. Find the account balance after 25 years with the interest compounded annually,semi annually,quarterly,month      Log On


   

Question 1062911: suppose u invest 1500 dollars in an account paying 4.5% annual interest. Find the account balance after 25 years with the interest compounded annually,semi annually,quarterly,monthly
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5EN
P=1500
.
.
Annual
i=4.5%2F100
N=25
F=1500%281%2B0.045%29%5E25
F=4508.15
.
.
Semi-Annual
i=4.5%2F200
N=25%2A2
F=1500%281%2B0.0225%29%5E50
F=4563.07
.
.
Quarterly
i=4.5%2F400
N=25%2A4
F=1500%281%2B0.01125%29%5E100
F=4591.40
.
.
Monthly
i=4.5%2F1200
N=25%2A12
F=1500%281%2B0.00375%29%5E300
F=4610.61
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.