How much interest will be earned on a $1600 investment at 7.72% compounded quarterly for 9 years?

A = $3,198.17

A = P + I where

P (principal) = $1,600.00

I (interest) = $1,598.17

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 7.72/100

r = 0.0772 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 1,600.00(1 + 0.0772/12)(12)(9)

A = 1,600.00(1 + 0.006433333)(108)

A = $3,198.17

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $1,600.00 at a rate of 7.72% per year compounded 12 times per year over 9 years is $3,198.17.

where is the rest of the

step-by-step explanation:

x = 3 ± √(5+y)