SOLUTION: What is the final amount of $700 that is put into a savings account with a 16% interest rate for 25 years if the interest is compounded 4 times per year

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Question 852870:

What is the final amount of $700 that is put into a savings account with a 16% interest rate for 25 years if the interest is compounded 4 times per year


Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
700(1+.16/4)^25^4
700(1+.04)^100
700(1.04)^100
700*50.5=$35,350.00 ANS.