lilianacamacho397 lilianacamacho397

15-05-2022
Mathematics

contestada

what principle will amount to $4000 if invested at 8.5% compounded quarterly for 5 years?

Respuesta :

versacci24 versacci24

15-05-2022

Answer:

$2626.75

Step-by-step explanation:

First, let's set up the equation for this: [tex]4000 = P(1 + \frac{0.085}{4})^{4(5)}[/tex]

Now, we can simply divide [tex]\frac{4000}{(1+\frac{0.085}{4})^{20} }[/tex]

and we get P ≈ $2626.75

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