SOLUTION: Abraham invests 15500 compound monthly. Rhonda invests 17000 compound quarterly and Raina a single amount of 18500 interest compounded semi annually. How much will each of them hav
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Question 1040594: Abraham invests 15500 compound monthly. Rhonda invests 17000 compound quarterly and Raina a single amount of 18500 interest compounded semi annually. How much will each of them have after 10 years if the interest rate is 15% per annum? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website!
A(t) = P(1+(r/n))^(n*t)
How much will each of them have after 10 years
if the interest rate is 15% per annum?
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Abraham invests 15500 compound monthly.
A(10) = 15500(1+(.15/12))^(12*10)
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Rhonda invests 17000 compound quarterly
A(10) = 1700(1+(0.15/4))^(4*10)
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Raina invests 18500 compounded semi-annually
A(10) = 18500(1+(0.15/2))^(2*10)
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Cheers,
Stan H.
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