On your thirteenth birthday, you received $650 which you invested at 3.5 percent interest, compounded quarterly. Your investment is now worth $1,025. How old
On your thirteenth birthday, you received $650 which you invested at 3.5 percent interest, compounded quarterly. Your investment is now worth $1,025. How old are you today? O a. age 30 O b. age 39 O c. age 33 O d. age 52 O e. age 65
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To solve this problem we can use the formula for compound interest A P 1 r n n t A P 1 r n n t Where A A is the amount of money accumulated after n n years including interest P P is the principal amou...
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Step: 2
Step: 3
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Authors: Jonathan Nitzan, Shimshon Bichler
1st Edition
0415496802, 978-0415496803
