Question

Asked Mar 9, 2019

Find the amount that results from the given investment. $500 invested at 4% compounded quarterly after a period of 2 1/2 years:

After 2 1/2 years, the investment results in how much $?

Step 1

**Formula used:**

**Future value formula**

Step 2

**Calculation:**

Apply the above formula and obtain the required amount.

That is substitute *m = 4, r = 0.04,P = 500, *and ...

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