If $1,000 Is Invested at a Nominal Rate of 4

question 120

Short Answer

If $1,000 is invested at a nominal rate of 4% compounded quarterly for 5 years,find the compound amount.

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Definitions:

Function

A function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output.

Simplify

To reduce a mathematical expression or equation to its simplest form by performing all operations and simplifying all terms.

Evaluate

To calculate the numerical value of an expression, equation, or function when certain values are known or substituted for variables.

Simplify

To reduce a mathematical expression to its simplest form by performing operations and combining like terms.