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Robcolon93 Robcolon93
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8 years ago
Sally invested $300.00 at 6% compounded quarterly for 3 years. Sally took the total value of her investment at the end of 3 years, added $500.00 to it, and invested the total at 8% compounded quarterly for 4 years. What was her total investment worth at the end of the 7-year period?
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#1
Valued Member
8 years ago Edited: 8 years ago, bio_man
A = P (1 + r/n)^nt
Where:

A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for


A @6%= P (1 + r/n)^nt
A=$300 (1+(0.06)/4)^(4x3)
A=$358.69

A @8%= P (1 + r/n)^nt
A = $358.69 + $500 (1+(0.08/4))^(4x4)
A=$1178.80 her total investment at the end of 7 years
wrote...
#2
Educator
8 years ago
Such a smartie pants Wink Face
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