Rose deposited $18, 000 in a savings account that provides for interest at the rate of 16% compounded quarterly.
Required:
Compute the balance in the account at the end of seven years.

Question

Rose deposited $18, 000 in a savings account that provides for interest at the rate of 16% compounded quarterly.Required:Compute the balance in the account at the end of seven years.

jorDann Wright · Accepted Answer

Final Answer :  = $ 18 , 000 ( f n = 28 , i = 4 % ) = $ 18 , 000 ( 2.998703 ) = $ 53 , 977 \begin{array}{l}=\$ 18,000\left(f_{n=28,i=4 \%}ight) \=\$ 18,000(2.998703) \=\$ 53,977\end{array} = $18 , 000 ( f n = 28 , i = 4% ​ ) = $18 , 000 ( 2.998703 ) = $53 , 977 ​

Rose deposited $18, 000 in a savings account that provides for interest at the rate of 16% compounded quarterly.
Required:
Compute the balance in the account at the end of seven years.

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