Question
Find the accumulated value of an investment of $700 at 16%compounded quarterly for 2 years.
Answers
Reiny
16%compounded quarterly for 2 years.
----> i = .08, n = 4
Amount = 700(1.08)^4
= ....
----> i = .08, n = 4
Amount = 700(1.08)^4
= ....
Reiny
I don't know why I read that as semi-annually
so
i = .04
n = 8
amount = 700(1.04)^8
= 958.00
so
i = .04
n = 8
amount = 700(1.04)^8
= 958.00