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WORTH ALOT. Find the amount that results from the investment. 14) $480 invested at 7% compounded quarterly after a period of 9 years ​

WORTH ALOT. Find the amount that results from the investment. 14) $480 invested at 7% compounded quarterly after a period of 9 years ​
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3 votes
WORTH ALOT. Find the amount that results from the investment. 14) $480 invested at 7% compounded quarterly after a period of 9 years

​

User Guilloptero
by
8.8k points

2 Answers

5 votes

Answer:

$896.36

Explanation:

GIVEN

User Juan Castano
by
8.3k points
1 vote

Answer:

  • $896.36

Explanation:

  • Principal = $480
  • Interest rate = 7% compounded
  • Compound number = 4 per year
  • Time = 9 years

Final amount is:

  • 480*(1 + 0.07/4)^(9*4) =
  • 480(1.0175)^36 =
  • $896.36
User Jason Anderson
by
8.3k points
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