Use the Compound Interest Formula , Where P Is

question 52

Multiple Choice

Use the compound interest formula , where P is the original amount of the investment, i is the interest rate per compounded period, n is the total number of compounding periods, and A is the value of the investment after n periods. An investment broker deposits $1400 into an account that earns 4.4% annual interest compounded quarterly.
What is the dollar value of the investment after 7 years? Round to the nearest dollar.

• A) $ 4675
• B) $ 1902
• C) $ 1892
• D) $ 1511

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