If 360 is invested at an interest rate of 4
Asked by maham237 @ in Business viewed by 275 People
If $360 is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be worth in 18 years?
Answered by maham237 @
The answer is $736.96
formula W=p(1+i/q) *(qy)
where p=360 , y=18 (years) , i-0.04 , q=4 (quarterly compounding)
W=360(1+.01)*72
=360*2.0471
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