KyelW114996 KyelW114996

30-10-2022
Mathematics

contestada

if Olivia opens a CD with $2,700 earning interest at 1.2% compounded quarterly what will the value of the CD be in 5 years

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BrayanQ141923 BrayanQ141923

30-10-2022

Solution

For this case we can use the compounded interest formula given by:

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

For this situation A= 2700, r = 0.012 and n = 4 and t=5 and we have:

[tex]A=2700(1+\frac{0.012}{4})^{4\cdot5}=2866.701[/tex]

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