SOLUTION: Find the amount that results from the investment. $480 invested at 16% compounded quarterly after a period of 4 years. Possible answer: a. $864.45 b. $419.03 c

SOLUTION: Find the amount that results from the investment. $480 invested at 16% compounded quarterly after a period of 4 years. Possible answer: a. $864.45 b. $419.03 c

Algebra.Com

Question 1046484: Find the amount that results from the investment.
$480 invested at 16% compounded quarterly after a period of 4 years.
Possible answer:
a. $864.45
b. $419.03
c. $869.11
d. $899.03
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=480(1+0.16/4)^4*4
FV=480(1.04)^16
FV=480*1.87298
FV=$899.03 (D)
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