Math Problem Statement

Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$4000 for 4 years at 7​% compounded quarterly Question content area bottom Part 1 The total amount accumulated after 4 years is ​$

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponents
Algebra

Formulas

A = P(1 + r/n)^(nt)
Interest = A - P

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 9-12