SOLUTION: if i invest $2028 for 12 years at 7% compounded quarterly, how much will I have?

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Question 41083: if i invest $2028 for 12 years at 7% compounded quarterly, how much will I have?
Found 2 solutions by rajagopalan, venugopalramana:
Answer by rajagopalan(174) About Me  (Show Source):
You can put this solution on YOUR website!
Dear Student
In this case
P = 2028
N= 12 years = 48 periods
R = 7% per annum = 7/4 %=0.0175 per quarter
So applying
A =P(1+R%)^N
we get
A=2028*(1.0175^48)=4663.58
You will have a huge $4663.58 ..& enjoy summer holidays.

Answer by venugopalramana(3286) About Me  (Show Source):
You can put this solution on YOUR website!
if i invest $2028 for 12 years at 7% compounded quarterly, how much will I have?
A=P(1+R/T)^NT
P=2028
R=7%=0.07
T=4 QURTERS PER YEAR
N=12 YEARS
A=2028(1+0.07/4)^12*4=4663.60