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anonymous

  • 5 years ago

An initial investment of $12,000 is appreciated for 8 years in an account that earns 12% interest, compounded quarterly. Find the amount of money in the account at the end of the period. I got 18,909.99. Is this right?

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  1. anonymous
    • 5 years ago
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    \[12000(1+\frac{.12}{4})^{32}\]

  2. anonymous
    • 5 years ago
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    that is not what i got. i got 1649.93

  3. anonymous
    • 5 years ago
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    let me try again

  4. anonymous
    • 5 years ago
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    are you using a formula different from the one that i wrote?

  5. anonymous
    • 5 years ago
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    i just did it using your formula and i got 30900.99, which is the correct answer

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