SOLUTION: Determine the amount of an investment if $500 is invested At an interest rate of 4.25% compounded quarterly for 12 years.

Question 733106: Determine the amount of an investment if $500 is invested At an interest rate of 4.25% compounded quarterly for 12 years.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Determine the amount of an investment if $500 is invested At an interest rate of 4.25% compounded quarterly for 12 years.
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A(t) = P(1+(r/n))^(nt)
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A(12) = 500(1+(0.0425/4))^(4*12)
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A(12) = 500(1.010525)^(48)
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A(12) = $830.41
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Cheers,
Stan H.
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