Math Problem Statement

​Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $14000 is invested for 6 years with an APR of 6​% and quarterly compounding. The balance in the account after 6 years is __?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)

Theorems

Interest Rate Compounding Theorem

Suitable Grade Level

Grades 9-12