Mathematics, 02.12.2020 05:30 Scotdouglas346
Question
Tara deposits $5,000 in a certificate of deposit. The annual interest rate is 7%, and the interest will be compounded
quarterly. How much will the certificate be worth in 10 years? Round your answer to two decimal places.
Answers: 2
where A(t) is the amount at the end of this whole mess, P is the initial investment, r is the interest rate as a decimal, n is the number of times the compounding is done per year, and t is the number of years. Filling in accordingly:
which simplifies a bit to
and a bit more to
Take care of the exponent first to get
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Tara deposits $5,000 in a certificate of deposit. The annual interest rate is 7%, and the...
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