SOLUTION: how much money will there be in an account at the end of 10 years if $16,000 is deposited at 7% interest compounded quarterly

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Question 605886: how much money will there be in an account at the end of 10 years if $16,000 is deposited at 7% interest compounded quarterly
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

how much money will there be in an account at the end of 10 years if $16,000 is

 deposited at 7% interest compounded quarterly

Note:  In General: A+=+P%281%2Br%2Fm%29%5Emt

A = Accumulated Amount 

P= principal = $16,000

r= annual rate = .07

m= periods per year = 4

t= years = 10

A+=+%2416000%281%2B.07%2F4%29%5E40

A+=+%2416000%281.0175%29%5E40

A= $32,025.56