SOLUTION: If $1400 is invested at an interest rate of 2.75% per year, compounded quarterly, find the value of the investment after the given number of years. (Round your answers to the neare

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: If $1400 is invested at an interest rate of 2.75% per year, compounded quarterly, find the value of the investment after the given number of years. (Round your answers to the neare      Log On


   

Question 1056182: If $1400 is invested at an interest rate of 2.75% per year, compounded quarterly, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)
(a) 1 year
(b) 2 years
(c) 12 years
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = 1400
r= annual rate = .0275
n= periods per year = 4
t= years =
A%28t%29+=1500%281%2B.0275%2F4%29%5E%284t%29
(a) 1 year A%28t%29+=1500%281.006875%29%5E%284%29
(b) 2 years A%28t%29+=1500%281.006875%29%5E%288%29
(c) 12 years A%28t%29+=1500%281.006875%29%5E%2848%29