James invested 3000 at 17% to be compounded quarterly. What will be the value of James's investment in 5 years? Round your answer to the nearest cent.

Solución

Solución

Amount : 6896.72

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.17}{4})^{4 \cdot 5}

3000 (1 + \frac{0.17}{4})^{4 \cdot 5} = 6896.71893 \dots

Round to the nearest hundredth:

6896.72

Amount : 6896.72

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