opatovaL
2021-05-25
Answered

What are the future value and the interest earned if $\$3000$ is invested for 6 years at $8\mathrm{\%}$ compounded quarterly?

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Aniqa O'Neill

Answered 2021-05-26
Author has **100** answers

The future value of an amount P invested at interest rate r (in decimals), compounded n times per year and for n years is given by:

Here

Plugging the values,

Hence the future value is

The interest earned is

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