Duplicate Question
The question on this page has been marked as a duplicate question.
Original Question
An initial investment of $480 is invested for 4 years in an account that earns 16% interest, compounded quarterly. What is the...Asked by Amy
An initial investment of $12,000 is invested for 2 years in an account that earns 4% interest compounded quarterly. Find the amount of mnoey in the account at the end of the period.
Answers
Answered by
Henry
P = Po(1+r)^n.
Po = $12,000
r = (4%/4)/100% = 0.01 = Quarterly % rate expressed as a decimal.
n = 4Comp./yr. * 2yrs. = 8 Compounding periods.
Plug the above values into the given Eq.
and get $12,994.28.
Po = $12,000
r = (4%/4)/100% = 0.01 = Quarterly % rate expressed as a decimal.
n = 4Comp./yr. * 2yrs. = 8 Compounding periods.
Plug the above values into the given Eq.
and get $12,994.28.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.