SOLUTION: Find the amount that results from the given investment.
$200.00 invested at 10% compounded quarterly after a period of 3 1/2 years
After 31/2 years, the investment results i
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Question 1087537: Find the amount that results from the given investment.
$200.00 invested at 10% compounded quarterly after a period of 3 1/2 years
After 31/2 years, the investment results in $?
(Round to the nearest cent as needed)
Answer by mathmate(429) (Show Source): You can put this solution on YOUR website!
Question:
Find the amount that results from the given investment.
$200.00 invested at 10% compounded quarterly after a period of 3 1/2 years
Solution:
Principal, P=$200
APR=10%
interest per period (quarter), i=0.10/4=0.025
number of periods, n=3.5*4=14
Future value (accumulated amount)
=P(1+i)^n
=200*(1+0.025)^14
=200*(1.41297)
=$282.59
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