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anonymous
 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
anonymous
 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

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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.
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