Math Problem Statement

If $2000 is invested for x years at 8%, compounded quarterly, the future value that will result is represented by the following equation. S = 2000(1.02)4x What amount will result in 6 years

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponents

Formulas

S = P(1 + r/n)^{nt}

Theorems

Compound Interest Formula

Suitable Grade Level

Grades 10-12