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After 4 years, what is the total amount of an investment of 1500 in an account paying 2.5% interest, compounded quarterly? A. $1827.60 B. $1657.24 C. $1576.66 D. $2226.67

Kathy Robinson

in Mathematics

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Jennifer Patterson on February 2, 2019

Total = principal * (1 + rate / n)^(n * years)where "n" is the number of compounding periods per yearTotal = 1,500.00 * (1 + .025/4)^(4 * 4)Total = 1,500.00 * ( 1.00625 )^(16)Total = 1,500.00 * 1.104827038 Total = 1,657.240557 Total = 1,657.24 (rounded)Source:http://www.1728.org/compint2.htm (formula)http://www.1728.org/compint.htm (calculator)


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