Koolzei
Answered

Jeremy invested $7,500 into an account with 3.65 % interest compounded quarterly. How much did he have in his account after 5 years? Round your answer to the nearest hundredth.​

Answer :

madethisfortwitch1

Answer:

8994.16

Step-by-step explanation:

formula:

[tex]PV(1+\frac{i}{n})^{nt}\\7500(1+\frac{.0365}{4})^{5*4}\\8994.16[/tex]

sreedevi102

Answer:

[tex]A = P(1+\frac{r}{n})^{nt}[/tex]

P = $7500

r = 3.65% = .0365

n = 4 (because compounded quartely)

t = 5years

[tex]A = 7500(1+\frac{0.0365}{4})^{4*5}\\\\[/tex]

    =[tex]7500(1+0.09125)^{20} = 8994.16[/tex]

Answer = $8994.16

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