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Chapter 10: Q. 118 (page 1020)

Nazerhy deposits $8000in a certificate of deposit. The annual interest rate is 6%and the interest will be compounded quarterly. How much will the certificate be worth in 10years?

Short Answer

Expert verified

The worth of certificate after10years when compounded quarterly is,$14512.15.

Step by step solution

01

Step 1 The formula for the compounded n times in a year is,

A=P1+rnnt

where Ais the new balance.

Pis the principal.

nis the number of times in a year.

tis the number of years.

02

Step 2 Substitute P=8000,r=0.06,t=10,n=4 in the formula.

A=80001+0.0644.10=80001+0.01540=80001.01540鈮�14512.15

The required amount is,$14512.15.

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