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 one year ago
"After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compounded quarterly?"
I tried to solve this question and I thought I did it right but my answer matched none of the multiplechoice answers I was given, so apparently I did something wrong.
 one year ago
"After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compounded quarterly?" I tried to solve this question and I thought I did it right but my answer matched none of the multiplechoice answers I was given, so apparently I did something wrong.

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TammisaurusRex
 one year ago
Best ResponseYou've already chosen the best response.1I think the formula I'm supposed to use is the Compound Interest Formula: \[A = P(1 + \frac{ r }{ n })^{nt}\] Where A = total, P = principal, t = time (years), r = annual interest rate, and n = number of compounds per year

TammisaurusRex
 one year ago
Best ResponseYou've already chosen the best response.1But every time I plug the values in I get 89,000 something, but my choices are as follows: A. $37,153.21 B. $39,438.88 C. $44,440.71 D. $56,295.30

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1show me how you filled in the formula

TammisaurusRex
 one year ago
Best ResponseYou've already chosen the best response.1Oh wait!! I realize what I did wrong! Instead of plugging in r/n inside the parenthesis, I only plugged in r.

TammisaurusRex
 one year ago
Best ResponseYou've already chosen the best response.1Let me try it one more time and I'll see if it works.

amistre64
 one year ago
Best ResponseYou've already chosen the best response.1my idea was you didnt convert 4% correctly as .04 ... but that was just a guess

TammisaurusRex
 one year ago
Best ResponseYou've already chosen the best response.1I got it! Thank you for your help though (:

stamp
 one year ago
Best ResponseYou've already chosen the best response.0C, 44,440 http://www.wolframalpha.com/input/?i=%2435000+%281%2B0.04%2F4%29^%284*6%29
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