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Beautifulgirl17
Patrick bought a 15-year treasury bond for a face amount of $500. The 3.5% interest will be compounded quarterly. What will the future value of Patrick's investment be when he goes to cash it in on the maturity date 15 years from now?
Regular Compound Interest Formula \[A = P(1 + r \div n)^{nt} \] P = principal amount (the initial amount you borrow or deposit) r = annual rate of interest (as a decimal) t = number of years the amount is deposited or borrowed for. A = amount of money accumulated after n years, including interest. n = number of times the interest is compounded per year
i've tried using that but wouldn't the FVAD formula work better? Anyways, i'm pretty sure its my numbers in rounding thats causing me to have the wrong answers. :(