SOLUTION: $480 invested at 10% of compound quarterly after a period of 8 years. Find the amount that results from the investment.
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-> SOLUTION: $480 invested at 10% of compound quarterly after a period of 8 years. Find the amount that results from the investment.
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Question 1035807: $480 invested at 10% of compound quarterly after a period of 8 years. Find the amount that results from the investment. Found 2 solutions by JBarnum, MathTherapy:Answer by JBarnum(2146) (Show Source):
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After 8 years earning 10% compound quarterly, your CD is worth $1,057.80.
Results Summary
Initial deposit $480.00
Length of CD 8 years (96 months)
Interest rate 10% compound quarterly
Annual percentage yield (APY) 10.381%
Total annual yield 120.376%
Ending balance $1,057.80
Your total is $1,057.80 after 8 years
Certificate of Deposit Balances
Year Interest Balance
$480.00
1 $49.83 $529.83
2 $55.00 $584.83
3 $60.72 $645.55
4 $67.01 $712.56
5 $73.98 $786.54
6 $81.65 $868.19
7 $90.13 $958.32
8 $99.48 $1,057.80
You can put this solution on YOUR website!
$480 invested at 10% of compound quarterly after a period of 8 years. Find the amount that results from the investment.
Use future value formula: .
A , or accumulated/future value =
