SOLUTION: find the amount owed at the end of 7 years if 2700 is loaned at a rate 8% compounded quarterly. A=p(1+r/n)^nt A=28(1+.08/2700)^2700*7

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Question 286815: find the amount owed at the end of 7 years if 2700 is loaned at a rate 8% compounded quarterly.
A=p(1+r/n)^nt
A=28(1+.08/2700)^2700*7
Found 2 solutions by richwmiller, Alan3354:
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
A=P((1+(R/N))^(NT))
P is initial capital
A is accumulated capital
R is yearly rate
N is number of payments per year
T is term (number of years over which compounded)
p=2700
n=4
t=7
r=.08
plug those in and try again

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
find the amount owed at the end of 7 years if 2700 is loaned at a rate 8% compounded quarterly.
A=p(1+r/n)^nt
8% per year is 2% per quarter
n = 4
t = 7
r = 0.08
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A = 2700*(1 + 0.02)^28
A =~ 4700.77
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