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OpenStudy (anonymous):
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.
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OpenStudy (anonymous):
The formula for compound interest is P(1+R/N)^(NT)
OpenStudy (anonymous):
p= initial investment r= rate (in your case .08) n= times compounded t= year
OpenStudy (anonymous):
i got 18,900.99. is that right
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