Amy deposited $70,000 in an investment fund that was growing at a rate of 6.00% compounded quarterly,

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Amy deposited $70,000 in an investment fund that was growing at a rate of 6.00% compounded quarterly, for a period of 5 years and 9 months.

a. What is the accumulated value of the investment at the end of 5 years and 9 months? Round to the nearest cent

b. What is the amount of interest earned from this investment?

Posted Date: May 15, 2024 11:29 AM

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Amy deposited $70,000 in an investment fund that was growing at a rate of 6.00% compounded quarterly,

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Expert Answer:

a The formula for compound interest is P 1 r nnt Where P is ... View the full answer

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