Math Problem Statement

What are the future value and the interest earned if $3000 is invested for 4 years at 8% compounded quarterly? (Round your answers to the nearest cent.) future value $ interest earned $

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth
Algebra

Formulas

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

Theorems

Compound Interest Formula

Suitable Grade Level

Grades 10-12