anonymous
  • anonymous
Find the future value and interest earned if $56,780 is invested at 5.3% compounded. (a) quaterly for 23 quaters (b) continously for 15 yrs.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
Can anyone help me??
anonymous
  • anonymous
is the 5.3% aer, gross, interest per month per year ... need more information i'm afraid
radar
  • radar
Use the compound interest formula. I will try and put it here. A=P(1+r/n)^nt Where A= balance P = Principal r= annual interest rate n=compounding time in years

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radar
  • radar
For part b. use the interest formula for continious compounding which is \[A=Pe ^{rt}\] the e is approximately 271828 it is called the "natural base" it is used in many exponential problems. Do you need further help?
radar
  • radar
ooop I omitted the decimal point for the value of e. It is 2.71828
radar
  • radar
Part a. The equation would appear like this: 56780(1+.053/4)^(4)(5.75) The 5.75 is the 23 quarters converted to years. 56780(1.01325)^23=$76,855.95
radar
  • radar
part b, I leave for you to try.

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