MaevaA246502 MaevaA246502

29-10-2022
Mathematics

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The compound interest formula states that if dollars are invested at an annual interest rate of r, compounded n times per year, then A. theamount of money present after t years, is given by A = P(1 + 3)" 1 513,000 is invested at 7% compounded monthly, how much will thisInvestment be worth in 4 years? Round your answer to two decimal places.AnswerHow to enter your answer (opens in new window) 4 PointsKeypadKeyboard Shortcutssil>PrevNext

The compound interest formula states that if dollars are invested at an annual interest rate of r compounded n times per year then A theamount of money present class=

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NiekoD242520 NiekoD242520

29-10-2022

Solution

[tex]\begin{gathered} p=13000 \\ R=7\text{ \%} \\ N=12 \\ T=4 \end{gathered}[/tex]

Formula

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]

Now, Substitute into the Formula

[tex]\begin{gathered} A=13000(1+\frac{0.07}{12})^{0.07\times12} \\ \\ A=13063.67034 \end{gathered}[/tex]

The final answer

[tex]\text{ \$}13063.67[/tex]

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