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.
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 $
.
7 answers
wrong
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.
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.
no wrong again stupid bot
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.
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.
NO!
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.
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.