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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?

  • 2 years ago
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  1. Cryptic57
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    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

    • 2 years ago
  2. Beautifulgirl17
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    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. :(

    • 2 years ago
  3. TheBonc
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