SOLUTION: Find the maturity value.
Principle is $1,400
Rate is 16%
Compounded quarterly
Time is 6 years.
I came up with $3,588.63 - is this correct?
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Question 157734: Find the maturity value.
Principle is $1,400
Rate is 16%
Compounded quarterly
Time is 6 years.
I came up with $3,588.63 - is this correct?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
YES.
--------------------
1,400(1+.16/4)^6*4
1,400(1+.04)^24
1,400(1.04)^24
1,400*2.5633=$3,588.63 amount of investment after 6 years.
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