Ask Question
16 December, 11:30

Porsha calculates the amount of money she will have at the end of 6 years on a $5,000 investment earning 3.75% interest compounded quarterly. She writes the following expression: Which of the following statements about Porsha's expression is true? a. Porsha's expression is correct. b. Porsha's expression should have 1 + 0.009375 in the parentheses. c. Porsha's expression should have an exponent of 6, not 24. d. Porsha's expression should have both 1 + 0.009375 in the parentheses and an exponent of 6.

+5
Answers (1)
  1. 16 December, 11:56
    0
    Porsha' s expression:

    5,000 (1 + 0.0375) ^24

    A = P * (1 + i) ^n

    n = 6 * 4 = 24

    i = 0.0375 : 4 = 0.009375

    Porsha's expression is wrong. True expression is:

    5,000 * (1 + 0.009375) ^24

    Answer: B) Porsha's expression should have 1 + 0.009375 in the parentheses.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Porsha calculates the amount of money she will have at the end of 6 years on a $5,000 investment earning 3.75% interest compounded ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers