jenntorireese jenntorireese

25-02-2017
Mathematics

Answered

If $360 dollars is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be worth in 18 years

Verified Answer :

Aliwohaish12 Aliwohaish12

25-02-2017

Fv=360(1+0.04/4)^4*18
Fv=360(1+0.01)^72
Fv=736.96

Answer Link

Anonymous Anonymous

15-07-2019

Answer:

Principal (P)= $ 360

Rate of Interest = 4 %

Time =18 years

Interest is Compounded Quarterly.

In a year there are 4 Quarters.So, Time =72 Quarters

New Rate of Interest

@@MATH_TOKEN_0@@%

Amount after 18 years

@@MATH_TOKEN_1@@

=$ 737.96

Answer Link

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