Posted by Cherie on Friday, May 7, 2010 at 10:14am.
An initial investment of $480 is invested for 4 years in an account that earns 16% interest, compounded quarterly. What is the amount of money in the account at the end of the period?

Algebra  drwls, Friday, May 7, 2010 at 11:49am
At 16% interest compounded quarterly, the value of the account increases by a factor 1.04 every three months. That is becasue 1/4 of 16% is (4%) added to it. Four years is 16 quarters. The value of the account is then
$480.00*(1.04)^16 = $899.03

Algebra  Kimberly, Monday, December 20, 2010 at 6:46pm
invest 23,000 in a saving account 4.25 interest compouned quartley

Algebra  oscar, Monday, December 20, 2010 at 8:47pm
59943.75
Answer This Question
Related Questions
 algebra  An initial investment of $480 is appreciated for 7 years in an account...
 UOG  An initial investment of $12,000 is invested for 2 years in an account ...
 pre calc  An initial investment of $12,000 is appreciated for 5 years in an ...
 Math  An initial investment of $1000 is appreciated for 8 years in an account ...
 math  An initial investment of $1240 is appreciated for 17 years in an account ...
 college math  An initial investment of $1000 is appreciated for 4 years in an ...
 Algebra  Use the compound interest formula $18,000 is invested in an account ...
 Maths B  Kate is thinking about investing $45000 for 5 years. She deposits her ...
 Math  Using the compound interest formula A = P (1+ ((r)/ (n)) ^nt Find the ...
 Math  Use the compound interest formula to solve: $18,000 is invested in an ...
More Related Questions