SOLUTION: Find the amount that results from the given investment.
$200.00 invested at 6% compounded quarterly after a period of 4 years
After 4 years, the investment results in $?
(Ro
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-> SOLUTION: Find the amount that results from the given investment.
$200.00 invested at 6% compounded quarterly after a period of 4 years
After 4 years, the investment results in $?
(Ro
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Question 1087536: Find the amount that results from the given investment.
$200.00 invested at 6% compounded quarterly after a period of 4 years
After 4 years, the investment results in $?
(Round to nearest cent as needed) Answer by mathmate(429) (Show Source):
You can put this solution on YOUR website! Question:
Find the amount that results from the given investment.
$200.00 invested at 6% compounded quarterly after a period of 4 years
Solution:
Principal, P=$200
APR=6%
interest per period (quarter), i=0.06/4=0.015
number of periods, n=4*4=16
Future value (accumulated amount)
=P(1+i)^n
=200*(1+0.015)^16
=200*(1.26899)
=$253.80
