Investment

[mathhh10670]

Question: John invests 17500 dollars at 9.7 percent nominal interest convertible quarterly. After 4 years, she withdraws 8000 dollars. How much is the investment worth after 7 years?

I've tried everything but can't get the right answer

 

[Deleted member 4993]

Question: John invests 17500 dollars at 9.7 percent nominal interest convertible quarterly. After 4 years, she withdraws 8000 dollars. How much is the investment worth after 7 years?

I've tried everything but can't get the right answer

Since you have tried "everything" - please share "some" work with us so that we know where to start to help you.

Please show us what you have tried and exactly where you are stuck.

Please follow the rules of posting in this forum, as enunciated at:

READ BEFORE POSTING

Please share your work/thoughts about this problem.

 

[mathhh10670]

I calculated what the investment was worth after 4 years, then subtracted 8000 and calculated what the remaining investment would be worth after a further 3 years. I also calculated the investments value after 7 years then took 8000 away from that. Neither worked.

 

[Deleted member 4993]

I calculated what the investment was worth after 4 years, then subtracted 8000 and calculated what the remaining investment would be worth after a further 3 years. I also calculated the investments value after 7 years then took 8000 away from that. Neither worked.

Please show your work "mathematically" (instead of with 'words"). That way we can follow your steps (or mis-steps) easily.