BigChungus6665 BigChungus6665

13-10-2021
Mathematics

contestada

Sofia is investing $8,000 in an account paying 5.5% interest compounded quarterly.

What will Sofia's account balance be in 7 years?

Respuesta :

MrRoyal MrRoyal

09-06-2022

The balance after 7 years is $11726.12

How to determine the balance in 7 years?

The given parameters are:

Principal, P = 8000
Interest rate, r = 5.5%
Number of times compounded, n = 4
Time, t = 7

The amount is calculated as:

[tex]A = P(1 + \frac rn)^{nt}[/tex]

So, we have

[tex]A = 8000 * (1 + \frac {5.5\%}4)^{4 * 7}[/tex]

Evaluate the expression

A = 11726.12

Hence, the balance after 7 years is $11726.12

Read more about compound interest at:

https://brainly.com/question/24924853

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