Determine the amount of an investment if $1000 is invested at an interest rate of 7.3% compounded quarterly for 30 years.

$8,760.53

$8,876.13

$8,279.26

$3,190

Well, this is rather lengthy so ...

First, you'd do ...

1000 * 0.073 = $73.

$73 is for one quarter, so ...

A quarter of a year is 1/4 of the year, so you'd need to do ... $73 * 4.

= $292.

$292 is for one year.

Now do ...

$292 * 30

Your Answer:

A. $8760 is invested at an interest rate of 7.3% compounded quarterly for 30 years.