SOLUTION: Create a compound interest problem that could be solved by the equation below. A = 500[1 + (0.07/4)]^4(6)

Algebra ->  Equations -> SOLUTION: Create a compound interest problem that could be solved by the equation below. A = 500[1 + (0.07/4)]^4(6)      Log On


   

Question 1026498: Create a compound interest problem that could be solved by the equation below.
A = 500[1 + (0.07/4)]^4(6)
Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
Donald Trump files for bankruptcy, yet again, only this time he's left with just $500 to his name.
He invests it in a 7% CD which compounds interest every 3 months, for a total duration of 6 years. How much money does he have in 6 years. Just set up the equation. No need to solve.