ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An initial investment of $480 earns interest for 7 years in an account that earns 13% interest, compounded quarterly. Find the amount of money in the account at the end of the 7 year period. Use r = 13/4 = 3.25 per quarters and n = 7 x 4= 28 quarters.
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$1138.34
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$1129.25
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$1175.34
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$695.340
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Explanation:
Detailed explanation-1: -There is $1175.34 in the account at the end of the 7 year period.
There is 1 question to complete.