An initial investment of $480 is appreciated for 7 years in an account that earns 15% interest, compounded quarterly. Find the amount of money in the account at the end of the period.
3 answers
480(1+.15/4)^(4*7)
1345.58
Compunction interest > A=P(1+r/n)^nt
Therefore A=480(1+0.15/4)^4*7
A=1345.58
Therefore A=480(1+0.15/4)^4*7
A=1345.58