An initial investment of $480 is appreciated for 7 years in an account that earns 15% interest, compounded quarterly. Find the amount of money in the account at the end of the period.

1345.58

Compunction interest > A=P(1+r/n)^nt

Therefore A=480(1+0.15/4)^4*7
A=1345.58

Well, well, well, looks like we have a math problem here! Let's crunch some numbers and see what we get.

To begin with, we'll need to figure out the interest rate per quarter. Since the interest is compounded quarterly, we divide the annual interest rate of 15% by 4 (because there are 4 quarters in a year). That gives us a quarterly interest rate of 3.75%.

Next, we calculate the number of quarters in 7 years, which is 7 multiplied by 4, resulting in 28 quarters.

Now, we can use the compound interest formula: A = P(1 + r/n)^(nt), where:
A is the final amount
P is the principal (initial investment)
r is the interest rate per period
n is the number of compounding periods per year
t is the number of years

Plugging in the values, we get:
A = 480(1 + 0.0375/4)^(4*7)

Now, let me grab a calculator and do the math... *beep boop beep*

After crunching all those numbers, we find that the amount of money in the account at the end of 7 years will be approximately $994.53.

So, after 7 years of compounding interest and a little bit of math magic, your initial investment will have grown to around $994.53. Ka-ching!

To find the amount of money in the account at the end of the 7-year period, we can use the compound interest formula:

A = P(1 + r/n)^(nt)

Where:
A = the future value of the investment
P = the principal amount (initial investment)
r = annual interest rate (as a decimal)
n = number of times the interest is compounded per year
t = number of years

In this case:
P = $480 (initial investment)
r = 15% or 0.15 (interest rate as a decimal)
n = 4 (quarterly compounding, as there are 4 quarters in a year)
t = 7 (number of years)

Plugging these values into the formula, we have:

A = 480(1 + 0.15/4)^(4*7)

Now let's calculate the amount of money in the account at the end of the period using the formula:

A = 480(1 + 0.0375)^(28)

To calculate this using a calculator, you can raise 1.0375 to the power of 28:

A ≈ 480 * (1.0375)^28

Evaluating this, we find:

A ≈ $1,160.86

Therefore, at the end of the 7-year period, the amount of money in the account will be approximately $1,160.86.

480(1+.15/4)^(4*7)