SOLUTION: Use the compound interest formula A=P[1+(r/n)]^(nt) Find the accumulated value of an investment of $1600 at 12% compounded quarterly for 4 years.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Use the compound interest formula A=P[1+(r/n)]^(nt) Find the accumulated value of an investment of $1600 at 12% compounded quarterly for 4 years.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 600316: Use the compound interest formula A=P[1+(r/n)]^(nt)
Find the accumulated value of an investment of $1600 at 12% compounded quarterly for 4 years.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=1600(1+.03)^16
A=1600(1.6)
A=$2560