MATHEMATICS MIDDLE SCHOOL

john invested $2000 that earn interest at 4% per annum compounded monthly. two year later the interest rate is 4.50% compounded quaterly. determine the accumulated value of investment two year after the change

Answers

Answer 1

Answer:

Answer:

$\$2,369.11$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+(r)/(n))^(nt)$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

Part 1)

$t=2\ years\n P=\$2,000\n r=0.04\nn=12$

substitute in the formula above

$A=2,000(1+(0.04)/(12))^(12*2)$

$A=2,000(1.0033)^(24)$

$A=\$2,166.29$

Part 2)

$t=2\ years\n P=\$2,166.29\n r=0.045\nn=4$

substitute in the formula above

$A=2,166.29(1+(0.045)/(4))^(4*2)$

$A=2,166.29(1.01125)^(8)$

$A=\$2,369.11$

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Answers

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