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Chapter 5: Q. 7 (page 324)

Find the amount that results from each investment, $100 invested at 4% compounded quarterly after a period of 2 years.

Short Answer

Expert verified

The answer is $108.28

Step by step solution

01

Step 1. Given information

The Principal investment, P=$100

The rate of interest is expressed as a decimal, r=4%=4100=0.04

The time period,t=2

The investment compounded quarterly,n=4

02

Step 2. Use Compound interest formula

PThe amount Aafter tyears due to a principal ,at a annual rate rcompounded ntimes per year,role="math" localid="1647108689822" A=P1+rnnt

03

Step 3. Calculation

Substitute the given values inA=P1+rnnt

A=$1001+0.0444脳2A=$1001+0.018A=$1001.018A=$100(1.0828)A=$108.28

The amount is $108.28

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