how much money must be deposited in an account paying 7.25% annual interest, compounded quarterly, to have a balance of $1000 after 10 years?
Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga.
Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus.
Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
B = D(1+i/n)^nt
i = int rate
n = num of times per year interest credited
Not the answer you are looking for? Search for more explanations.
ok lets say you deposit $100 and earn 50%
50% of 100 is 50 so your balance at end of year is 150
Formula for calculating compound interest:
A = final amount
P = principal amount (initial investment)
r = annual nominal interest rate (as a decimal)
n = number of times the interest is compounded per year
t = number of years
so just plug in the 1000, the interest rate .0725, number of years and compounds per year
i do not know how i would set it up like to plug it in or anything
solve for D
That is what you end up with.
solve for t or p?
There is no t to solve for
You already know t, its 10 years
so solve for p?
It's already solved, you just have to plug it into a calculator