SOLUTION: if$450 is invested at 12% compouned
what is the amount after 8 years?how much interest is earned?
if it is compounded quarterly, what is the amount?
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what is the amount after 8 years?how much interest is earned?
if it is compounded quarterly, what is the amount?
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Question 911876: if$450 is invested at 12% compouned
what is the amount after 8 years?how much interest is earned?
if it is compounded quarterly, what is the amount? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! if $450 is invested at 12% compouned
what is the amount after 8 years?how much interest is earned?
if it is compounded quarterly, what is the amount?
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A(t) = P(1+(r/n))^(nt)
A(8) = 450(1+(0.12/4))^(4*8)
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A(8) = 450(1.03)^(32) = $1178.79
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Interest = 1158.79-450 = $708.79
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Cheers,
Stan H.
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