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SSSSS [86.1K]
3 years ago
8

Beverly Hills started a paper route on January 1. Every three months, she deposits $550 in her bank account, which earns 8 perce

nt annually but is compounded quarterly Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually. How much will she have after three more years?
Business
1 answer:
aleksandrvk [35]3 years ago
6 0

Answer:

Total amount= $12,558.68

Explanation:

Giving the following information:

Every three months, she deposits $550 in her bank account, which earns 8 percent annually but is compounded quarterly Four years later, she used the entire balance in her bank account to invest in an investment at 7 percent annually.

First, we need to calculate the total accumulated money after four years with the following formula.

FV= {A*[(1+i)^n-1]}/i

A= deposit= 550

N= 16

i=0.08/4= 0.02

FV= {550*[(1.02^16)-1]}/0.02= 10,251.61

Now, we calculate the second investment:

FV= PV*(1+i)^n= 10,251.62*(1.07^3)= $12,558.68

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3 years ago
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3 years ago
Read 2 more answers
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