SOLUTION: Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.
$8,760.53
$8,876.13
$8,279.26
$3,190
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-> SOLUTION: Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.
$8,760.53
$8,876.13
$8,279.26
$3,190
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Question 1026427: Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.
$8,760.53
$8,876.13
$8,279.26
$3,190 Answer by solver91311(24713) (Show Source):
Where is the future value, is the initial principal, is the interest rate (eliminate the 100 in the denominator if you express the rate as a decimal), is the number of compounding periods per year, and is the number of years. Plug in your values and do the arithmetic.
John
My calculator said it, I believe it, that settles it
