anonymous
  • anonymous
ok walk me through this please: Find the accumulated amount at the end of 10 years for a principal of $4500 Compounded quarterly at a yearly interest rate of 3%.
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
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.
jamiebookeater
  • jamiebookeater
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
formula is \[4500(1+\frac{.03}{4})^{4\times 10}\]
anonymous
  • anonymous
which formula is that exactly
anonymous
  • anonymous
clear what i put where and why?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
ok slowly. principle is 4500 interest is 3%=.03 number of compounding periods per year is 4 number of years is 10
amistre64
  • amistre64
.03 is the annual rate; but its determined 4 times a year so it gets divided by 4.
anonymous
  • anonymous
general formula is \[P(1+\frac{r}{n})^{ny}\]
anonymous
  • anonymous
A=P(1+r)^n
amistre64
  • amistre64
since the time span is now 4 times ayear; that means that for every year that goes by we have a factor of 4; so ^4t`
anonymous
  • anonymous
ok is that that formula R=Pi/1-(1+i)^-n
anonymous
  • anonymous
where r is the interest rate (as a decimal) P is the principle n is the number of compounding periods per year and Y is the number of years
anonymous
  • anonymous
1 Attachment
anonymous
  • anonymous
this is compounded quarterly so you use n = 4
anonymous
  • anonymous
i get \[4500(1+\frac{.03}{4})^{40}=6067.57\] rounded
anonymous
  • anonymous
ok ty
anonymous
  • anonymous
welcome

Looking for something else?

Not the answer you are looking for? Search for more explanations.