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Which investment results in the greatest total amount?
Investment invested for 6 years compounded semiannually at .
Investment B: invested for 4 years compounded quarterly at .
Find the total amount of investment .
(Round to the nearest cent as needed.)
Find the total amount of investment B.
(Round to the nearest cent as needed.)

Ask by Newton Lowe. in the United States
Jan 24,2025

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The total amount of Investment B is $6,681.86.

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Mind Expander

To find the total amount of Investment B, we can use the compound interest formula:
Where:
  • is the amount of money accumulated after n years, including interest.
  • is the principal amount (the initial amount of money).
  • is the annual interest rate (decimal).
  • is the number of times that interest is compounded per year.
  • is the number of years the money is invested or borrowed.
For Investment B:
  • (2.7% as a decimal)
  • (compounded quarterly)
Now plug in the values:
Calculating :
Now calculate :
Therefore, the total amount of Investment B is:
(rounded to the nearest cent as needed).

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