SOLUTION: Find the amount of the investment: $480 invested at 12% compounded quarterly after a period of 7 years

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Question 104884: Find the amount of the investment:
$480 invested at 12% compounded quarterly after a period of 7 years
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
A=P%281%2B%28r%2Fn%29%29%5E%28nt%29 t=years A=Balance P=principal r=annual interest rate n=number of compoundings/yr
480%281%2B%28.12%2F4%29%29%5E%284%2A7%29
=480%281%2B.03%29%5E%2828%29
=480%281.03%29%5E%2828%29
=480%281.03%29%5E%2828%29
=480%2A2.28793...
= $1098.21 Balance after 7 years.
Ed