Kameron21 Kameron21

14-10-2016
Mathematics

Answered

Suppose you invest $200 at 4% interest compounded quarterly. How much money will there be after one year?

Verified Answer :

apologiabiology apologiabiology

14-10-2016

\(A=P(1+ \frac{r}{n})^{nt}\)
A=future amount
P=present amount
r=rate in decimal
n=number of time per year componded
t=time in years
\(A=200(1+ \frac{0.04}{4n})^{(4)(1)}\)
\(A=200(1+ 0.01)^{4}\)
\(A=200(1.01)^{4}\)
A=208.21

about $208.21

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