SOLUTION: If you invest $500 in an account that earns 3.6% interest, compute the value of your investment after one year compounding quarterly.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If you invest $500 in an account that earns 3.6% interest, compute the value of your investment after one year compounding quarterly.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 252208: If you invest $500 in an account that earns 3.6% interest, compute the value of your investment after one year compounding quarterly.
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
500(1+.036/4)^1*4
500(1+.009)^4
500*1.009^4
500*1.0365=$518.24 amount of investment after one year.