if don gecewicz invested $6000 at 8% interest compounded quarterly, find the amount after 7 years
what is 6000(1.02)^28 ?
the answer to how many were unbroken is 65
To find the amount after 7 years, we can use the compound interest formula:
A = P(1 + r/n)^(n*t)
Where:
A = Final amount
P = Principal amount (initial investment)
r = Annual interest rate (as a decimal)
n = Number of times the interest is compounded per year
t = Number of years
In this case, we have:
P = $6000
r = 8% = 8/100 = 0.08
n = 4 (quarterly compounding)
t = 7 years
Substituting these values into the formula, we can calculate the final amount:
A = 6000 * (1 + 0.08/4)^(4*7)
≈ 6000 * (1 + 0.02)^28
To evaluate this expression, you can use a calculator or the exponentiation function of your programming language. The result will be the final amount after 7 years with compound interest.