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Find the value of the investment after the specified time period. Round to the nearest cent.a 6500 investment compounded quarterly at a 4.1% interest rate for 15 years

Solution

Solution

Amount : 11985.19

Solution steps

Translate the problem into an equation:

A = 6500 (1 + \frac{0.041}{4})^{4 \cdot 15}

6500 (1 + \frac{0.041}{4})^{4 \cdot 15} = 11985.18945 \dots

Round to the nearest hundredth:

11985.19

Amount : 11985.19

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