Sally
  • Sally
need help with double checking my work: 9. An initial investment of $480 is appreciated for 4 years in an account that earns 13% interest, compounded quarterly. Find the amount of money in the account at the end of the period. P (1+ r/t)^(k)(t) =480 (1+.13/4)^(4*4) =480 (1+0.03250)^(16) =480 (1.03250)^(16) =480 (1.67) =801.60
Mathematics
jamiebookeater
  • jamiebookeater
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amistre64
  • amistre64
I suppose it depends on the degree of accuracy. Your "1.67" is inflated, which makes your answer higher. If we keep the accuracy till the end; in other words, dont round to "1.67", we get "800.72" in the end.

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