Question

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

\[A=P\left(1+{r\over 100}\right)^n\]

Answer 2

P=360
r=4
n=18
find A

Answer 3

wait..
quatrterly

Answer 4

so,
\[A=P\left(1+{r\over 100k}\right)^{kn}\]
k = 4 ( 4 quarters per year)

Answer 5

kapeesh?

Answer 6

\[360\times \left(1+\frac{.04}{4}\right)^{4\times 18}\] and a calculator

Answer 7

736.96..Thanks guys!! :D

Answer 8

yw