Math Problem Statement

Use the compound interest formulas 𝐴=𝑃(1+𝑟𝑛)𝑛𝑡 and 𝐴=𝑃𝑒𝑟𝑡 to solve the exercises below. Round your answer to the nearest cent. Find the accumulated value of an investment of $14490 for 7 years at an annual interest rate of 7.1% if the money is (a) compounded semiannually: dollars (b) compounded quarterly: dollars (c) compounded monthly: dollars (d) compounded continuously: dollars

Solution

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth
Algebra

Formulas

A = P(1 + r/n)^(nt)
A = Pe^(rt)

Theorems

Compound Interest Theorem
Continuously Compounded Interest

Suitable Grade Level

Grades 10-12