Question

can someone show me step by step how to do this? If $360 is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be worth in 18 years?

Answer 1

Do you know the compound interest equation?

Answer 2

your ormuila is A= P(1+r/n)^nt where in this case n= 4 , r=4%, P=$360 , t= 18 yeras

Answer 3

i hope this will help you

Answer 4

yes I do , but I try it and it gave me a weird answer

Answer 5

I got 172.657?

Answer 6

is there rounding that I have to do?

Answer 7

$736.95 is the ans

Answer 8

is that the answer

Answer 9

736.96 is one of my choices.

Answer 10

ya thats the ans

Answer 11

but see I got 172.65? and I wanted to know where I messed up , but nm thanks

Answer 12

see the calculation part A= 360(1+.04/4)^4x18
=360(1+.01)^72
=360(1.01)^72
=360x2.0471=736.955

Answer 13

did you get it now