8
QuizMultiple Choice

Compound Interest

Question 8 • 26-27 Ignite Technical Math-Financial Math - MA2007

Porsha calculates the amount of money she will have at the end of 6 years on a $5,000 investment earning 3.75% interest compounded quarterly. She writes the following expression: Which of the following statements about Porsha's expression is true? a. Porsha's expression is correct. b. Porsha's expression should have 1 + 0.009375 in the parentheses. c. Porsha's expression should have an exponent of 6, not 24. d. Porsha's expression should have both 1 + 0.009375 in the parentheses and an exponent of 6. Please select the best answer from the choices provided

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Answer
A
A
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B
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C
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D
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Porsha calculates the amount of money she will…