jaybanksk2018 jaybanksk2018

08-05-2024
Business

Answered

The equation A = P (1 + 0.07/4)⁴ᵗ represents the amount of money earned on a compound interest savings account with an annual interest rate of 7% compounded quarterly. If after 15 years the amount in the account is $13,997.55, what is the value of the principal investment? Round the answer to the nearest hundredths place.
A. $13,059.12
B. $10,790.34
C. $9,054.59
D. $4,942.96

Answer :

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