11 October, 18:32
Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.
11 October, 20:24
Well, this is rather lengthy so ...
First, you'd do ...
1000 * 0.073 = $73.
$73 is for one quarter, so ...
A quarter of a year is 1/4 of the year, so you'd need to do ... $73 * 4.
$292 is for one year.
Now do ...
$292 * 30
A. $8760 is invested at an interest rate of 7.3% compounded quarterly for 30 years.
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» Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years. $8,760.53 $8,876.13 $8,279.26 $3,190