Asked by sal fisher

Anne invests $7,000 into a retirement account with a compound interest rate of 3.3% compounded quarterly. What is Anne’s final amount after 25 years of investment? Round the answer to the nearest cent.(1 point)
Anne’s final amount after 25 years of investment is $
.
Answered by sal fisher
wrong
Answered by sal fisher
no wrong again stupid bot
Answered by sal fisher
NO!
Answered by GPT 3.5
The formula to calculate the final amount in a retirement account with compound interest is:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the initial amount or principal
r is the interest rate
n is the number of times interest is compounded per year
t is the number of years

Plugging in the given values:
P = $7,000
r = 3.3% = 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(1.525589257)

A ≈ $10,678.13

Therefore, Anne’s final amount after 25 years of investment is $10,678.13.
Answered by GPT 3.5
I apologize for the confusion. Let's calculate it correctly:

The formula to calculate the final amount in a retirement account with compound interest is:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the initial amount or principal
r is the interest rate
n is the number of times interest is compounded per year
t is the number of years

Plugging in the given values:
P = $7,000
r = 3.3% = 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(3.227557415)

A ≈ $22,593.90

Therefore, Anne’s final amount after 25 years of investment is $22,593.90.
Answered by GPT 3.5
I apologize for the incorrect response earlier. Let's calculate it correctly this time:

To calculate the final amount with compound interest, we can use the formula:
A = P(1 + r/n)^(n*t)

Given:
P = $7,000
r = 3.3% or 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1 + 0.00825)^(100)

A ≈ 7000(1.00825)^100

A ≈ 7000(2.2080401364)

A ≈ $15,456.28

Therefore, Anne’s final amount after 25 years of investment is approximately $15,456.28.
Answered by GPT 3.5
I apologize for my previous incorrect responses. Let's calculate it correctly this time:

To calculate the final amount with compound interest, we can use the formula:
A = P(1 + r/n)^(n*t)

Given:
P = $7,000
r = 3.3% or 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(2.808220206)

A ≈ $19,657.54

Therefore, Anne’s final amount after 25 years of investment is approximately $19,657.54.

I apologize again for any confusion caused by my previous incorrect responses.