A community for students.
Here's the question you clicked on:
 0 viewing
Sally
 5 years ago
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
Sally
 5 years ago
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

This Question is Closed

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.0I 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.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.