SOLUTION: Find the maturity value. Principle is $1,400 Rate is 16% Compounded quarterly Time is 6 years. I came up with $3,588.63 - is this correct?

Algebra ->  Finance -> SOLUTION: Find the maturity value. Principle is $1,400 Rate is 16% Compounded quarterly Time is 6 years. I came up with $3,588.63 - is this correct?      Log On


   

Question 157734: Find the maturity value.
Principle is $1,400
Rate is 16%
Compounded quarterly
Time is 6 years.
I came up with $3,588.63 - is this correct?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
YES.
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1,400(1+.16/4)^6*4
1,400(1+.04)^24
1,400(1.04)^24
1,400*2.5633=$3,588.63 amount of investment after 6 years.