Question

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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Answer 1

$896.36

Explanation:

GIVEN

Answer 2

• $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