SOLUTION: Ahmed invests $1,500 at an interest rate of 4%, compounded quarterly. How much is the investment worth at the end of 6 years?

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Question 1151570: Ahmed invests $1,500 at an interest rate of 4%, compounded quarterly. How much is the investment worth at the end of 6 years?

Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
This is 1500(1+.04/4)^24 where .04/4 is the interest rate for each compounding, or the interest rate /4, for 4 quarters.
The 24 is 4 quarters/year * 6 years
round at the end
=$1904.60