contestada

2. Which of the following represents the value of an investment with a principal of $1500 with a nominal interest
rate of 2.5% compounded monthly after 5 years?
(1) $1,697.11
(3) $4,178.22
(2) $1,699.50
(4) $5,168.71

Respuesta :

behrmorrison
The answer is 1because I took the test

Answer:

(2) $1,699.50

Step-by-step explanation:

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

1500(1 + .025/12)^5*12

= $1699.50

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