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Chapter 5: Q. 9 (page 324)

Find the amount that results from each investment, $500 invested at 8% compounded quarterly after a period of 212years.

Short Answer

Expert verified

The answer is $609.50

Step by step solution

01

Step 1. Given information

The Principal investment, P=$500

The rate of interest is expressed as a decimal, r=8%=8100=0.08

The time period,t=212=52years

The investment compounded quarterly, n=4.

02

Step 2. Use Compound Interest formula

The amount Aafter tyears due to a principal P, at a annual rate rcompounded ntimes per year,role="math" localid="1647108008051" A=P1+rnnt

03

Step 3. Calculation

Substitute the given values inA=P1+rnnt

A=$5001+0.0844脳52A=$5001.0210A=$5001.218A=$609.50

The amount is $609.50

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