Mathematics, 20.09.2019 20:30, jwbri
Use the compound interest formula to compute the total amount accumulated and the interest earned $4500 for 3 years at 5% compounded quarterly the total amount accumulated after 3 years is $5223.40 (round to the nearest cent as needed.) the amount of interest earned is $ (round to the nearest cent as needed.)
Answers: 2
, where P is the present value , r is the rate of interest ( in decimal) and t is time period ( in years).![A=(4500)(1+\dfrac{0.05}{4})^{4(3)}\\\\\Rightarrow\ A=(4500)(1+0.0125)^{12}\\\\\Rightarrow\ A=(4500)(1.0125)^{12}\\\\\Rightarrow\ A=(4500)(1.16075451772)=5223.39532974\approx5223.40\ \ \ [\text{Round to the nearest cent}]](/tpl/images/0247/3221/996c7.png)
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