Question
Find the accumulated amount A, if the principal P is invested at an interest rate of r per year for t years.
P = $2500, r = 3%, t = 3, compounded quarterly
$ ?
P = $2500, r = 3%, t = 3, compounded quarterly
$ ?
Answers
A = P(1+r/n)^(n*t)
= 2500(1+.03/4)^(4*3)
= 2734.52
= 2500(1+.03/4)^(4*3)
= 2734.52
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