SOLUTION: Suppose that $2000 is invested at a rate of 3% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after 7 years.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose that $2000 is invested at a rate of 3% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after 7 years.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 847728: Suppose that $2000 is invested at a rate of 3% , compounded quarterly. Assuming that no withdrawals are made, find the total amount after 7 years.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General
A+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = 2000
r= annual rate = .03
n= periods per year = 4
t= years = 7
A+=+2000%281.0075%29%5E%2828%29