SOLUTION: how much money will you have in 7 years if you invest $16,000 at a 4.8% annual rate of interest compounded quarterly?

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Question 931623: how much money will you have in 7 years if you invest $16,000 at a 4.8% annual rate of interest compounded quarterly?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
A%28t%29+=+16000%281%2B.048%2F4%29%5E%284%2A7%29
A%28t%29+=+16000%281.012%29%5E%2828%29 = $22,344.69