Posted by Cherie on Friday, May 7, 2010 at 10:14am.
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
invest 23,000 in a saving account 4.25 interest compouned quartley
59943.75
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