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alex41 [277]
3 years ago
14

If $360 dollars is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be wort

h in 18 years
Mathematics
2 answers:
brilliants [131]3 years ago
7 0
Fv=360(1+0.04/4)^4*18
Fv=360(1+0.01)^72
Fv=736.96
katen-ka-za [31]3 years ago
6 0

Answer:

Principal (P)= $ 360

Rate of Interest = 4 %

Time =18 years

Interest is Compounded Quarterly.

In a year there are 4 Quarters.So, Time =72 Quarters

New Rate of Interest

                      =\frac{4}{4}\\\\=1 \text{percent}%

Amount after 18 years

                  =P \times [1+\frac{R}{100}]^n\\\\=360 \times [1+\frac{1}{100}]^{72}\\\\=360 \times (1.01)^{72}\\\\=360 \times 2.0470\\\\=736.955

        =$ 737.96

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