Question

$15,000 is invested at a rate of 8% compounded quarterly. Identify the compound interest function to model the situation. Then find the balance after 10 years. A = 15000(1.4)2t ; $31,044.81B = 15000(1.04)2t ; $32,866.85C = 15000(1.02)4t ; $33,120.59D = 15000(1.02)4t ; $30,582.44

Answer 1

$\begin{gathered} Compound\text{ interest: }A\text{ = \lparen1+i\%\rparen}^n \\ A\text{ = \lparen1+}\frac{0.08}{4})^{4t} \\ When\text{ t = 10} \\ A=\text{ 15000\lparen1.02\rparen}^{4(10)} \\ \text{ = 33120.59} \end{gathered}$

Correct option C