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Refer to Narrative 11-1. Calculate the compound interest on an investment of $45,000 at 6% interest,...
4 months ago
Q:
Refer to Narrative 11-1. Calculate the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.
Accepted Solution
A:
[tex]A = P(1 + r/n)^{nt}[/tex]
P= 45000
R= 6%
N= 4x/year
T= 3 years
A= $53,802.82
P= $45,000.00
Interest Earned: $8,802.82