SOLUTION: Find the total amount of money accumulated for an initial investment 1,150 at 8% compounded quarterly after 9 years.

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Question 863327: Find the total amount of money accumulated for an initial investment 1,150 at 8% compounded quarterly after 9 years.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

 In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = $1150

r= annual rate = .08

n= periods per year = 4

t= years = 9

A%28t%29+=+1150%281.02%29%5E%2836%29