SOLUTION: Find the balance A for P dollars invested at rate r for t years, compunded quarterly P=$1000 r=5% t=20 years

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Question 172543: Find the balance A for P dollars invested at rate r for t years, compunded quarterly
P=$1000
r=5%
t=20 years
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!
It follows ---->A=P%281%2B%28r%2Fm%29%29%5E%28mt%29
*note:m=CompoundedPerYear
Then,
A=1000%281%2B%280.05%2F4%29%29%5E%2820%2A4%29
A=1000%281.0125%29%5E80
A=1000%282.7015%29
highlight%28A=2701.5%29, Answer
Thank you,
Jojo