Asked by Ernie
$11,000, invested for 9 years at 3% compounded quarterly.
Answers
Answered by
Henry
P = Po(1+r)^n
Po = $11,000
r = (3%/4)/100% = 0.0075 = Quarterly
% rate expressed as a decimal.
n = 4comp./yr. * 9yrs. = 36 Compounding
periods.
Plug the above values into the given Eq
and solve for P(principal).
Po = $11,000
r = (3%/4)/100% = 0.0075 = Quarterly
% rate expressed as a decimal.
n = 4comp./yr. * 9yrs. = 36 Compounding
periods.
Plug the above values into the given Eq
and solve for P(principal).