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Math Question?
Suppose you invest $1500 in an account paying 4.75 annual interest. Find the account balance after 25 yr with the interest compounded the following ways:
Annually
Semiannually
Quarterly
Monthly
Show your work and the answers. The best (correct) answer get the vote.
1 Answer
- leoLv 61 decade agoFavorite Answer
A=P(1+r/n)^nt
annually
A=1500(1+0.0475/1)^(25*1)
semiannually
A=1500(1+0.0475/2)^(25*2)
quarterly
A=1500(1+0.0475/4)^(25*4)
monthly
A=1500(1+0.0475/12)^(25*12)
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