document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=987897>Question 987897</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose that you invest$217 in an account that earns interest at an APR of 6%, compounded quarterly. Determine the accumulated balance after 16 years.<BR>\n" );
document.write( "a) $566.74<BR>\n" );
document.write( "b) $565.38<BR>\n" );
document.write( "c) $562.71<BR>\n" );
document.write( "d) $551.26<BR>\n" );
document.write( "e) None of these (explain) </SPAN>\n" );
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document.write( "FV=Future value; P=principal (amount invested); r=rate per period<BR>\n" );
document.write( "t=number of periods<BR>\n" );
document.write( ".<BR>\n" );
document.write( "FV=P(1+r)^t<BR>\n" );
document.write( "FV=217(1+0.015)^64=$562.71<BR>\n" );
document.write( ".<BR>\n" );
document.write( "ANSWER: The accumulated value after 16 years is $562.71. Answer (c). </SPAN>\n" );
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