Need math help to Find the accumulated amount A #4

timer Asked: Nov 9th, 2015
account_balance_wallet $5

Question Description

Find the accumulated amount A if the principal P = $11,000 is invested at the interest rate of r = 5% per year for t = 5.5 years, compounded quarterly.

Tutor Answer

School: New York University

Thank you for the opportunity to help you with your question!

the quarter interest rate is 5%/4 = 1.25%, and there are 4*5.5=22 quarter in 5.5 year, therefore the amount is 

11000*(1+0.0125)^22   = 14457.17

Please let me know if you need any clarification. I'm always happy to answer your questions.

flag Report DMCA

awesome work thanks

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors