Question 221144: Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $44,000, r = 6.1%, t = 7.5, compounded quarterly
Found 2 solutions by rfer, stanbon:
Answer by rfer(16322)   (Show Source):
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Find the accumulated amount A if the principal P is invested at the interest rate of r/year for t yr. (Round your answer to the nearest cent.)
P = $44,000, r = 6.1%, t = 7.5, compounded quarterly
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A(t) = 44000(1+(0.061/4))^(4t)
A(7.5) = 44000(1+(0.061/4)^(4*7.5)
A(7.5) = $69,285.54
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Cheers,
Stan H.
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