SOLUTION: Use the compound interest formula A=P[1+(r/n)]^(nt)
Find the accumulated value of an investment of $1600 at 12% compounded quarterly for 4 years.
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Question 600316: Use the compound interest formula A=P[1+(r/n)]^(nt)
Find the accumulated value of an investment of $1600 at 12% compounded quarterly for 4 years.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=1600(1+.03)^16
A=1600(1.6)
A=$2560
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