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Gekata [30.6K]
3 years ago
15

Juan Garza invested $112,000 10 years ago at 8 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an

approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Business
1 answer:
jasenka [17]3 years ago
3 0

Answer:

$247,300

Explanation:

Given that

Invested amount = Present value = $11,2000

Time = 10 years × 4 quarter = 40

The rate = 8% ÷ 4 = 2%

So, we have to applying the future value formula which is presented below:

Future value = Present value × (1 + interest rate)^ time period

                      = $112,000 × (1 + 0.02)^40

                      = $112,000 × 1.02^40

                      = $112,000 ×2.2080396636

                      = $247,300

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1 year ago
John's friend just gave him a pair of concert tickets to see his favorite rock group perform this weekend. Each ticket sells for
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