15. Choose the correct answers.
You wish to make an investment of $9,000 at 7% interest. How much will your investment be worth in 40 years at simple interest, compounded
quarterly, and compounded continuously?

A = $ 144,460.59

Step-by-step explanation:

A = $ 144,460.59

First, convert R percent to r a decimal

r = R/100

r = 7%/100

r = 0.07 per year,

Then, solve our equation for A

A = P(1 + r/n)nt

A = 9,000.00(1 + 0.0175/4)(4)(40)

A = $ 144,460.59

Sum:

The total amount accrued, principal plus interest,

from compound interest on an original principal of

$ 9,000.00 at a rate of 7% per year

compounded 4 times per year

over 40 years is $ 144,460.59.