compound interest

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Please show all work as you apply the compound interest formul. Be sure to let your calculator store as many decimal digits as possible in every step; followed by rounding  your final answer to the nearest penny.


Formula must be followed with complete breakdown

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

P = principal amount (the initial amount you borrow or deposit)   

r  = annual rate of interest (as a decimal) 

t  = number of years the amount is deposited or borrowed for.  

A = amount of money accumulated after n years, including interest.  

n  =  number of times the interest is compounded per year

 

1) Scott creates a new compound-interest calculator app that he then sells to Google for $2,000,000. If he invests that money in a mutual fund that averages 11.79% interest compounded quarterly, how much will he have at the end of 5 years?

    • 8 years ago
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