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

Question

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

amistre64 · Answer

I 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.