Question 522050: What is $475 invested at 11% compounded quarterly after a period of 5 years?
Answer by lwsshak3(11628)   (Show Source):
You can put this solution on YOUR website! What is $475 invested at 11% compounded quarterly after a period of 5 years
**
compound interest formula: A=P(1+i)^n, P=initial investment, i=interest per period, n=number of periods, A=amount after n periods.
..
A=475(1+.11/4)^4*5
A=475(1+.0275)^20
A=475(1.0275)^20
A=817.20
ans:
After a period of 5 years, $475 invested at 11% compounded quarterly=$817.20
|
|
|
