SteampunkSlytherin SteampunkSlytherin

22-03-2021
Mathematics

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$7,000 is invested at a rate of 3% compounded quarterly. Find the balance after 10 years.
Write a compound interest equation to model the situation. Then find the balance.

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s12121174 s12121174

23-03-2021

Answer:

The standard compound interest formula is where:

P is the principal amount

r is the interest rate (typically as a percentage)

t is the time

n is the times compounded per unit of time

So,

1)

2)

3)

Step-by-step explanation:

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