Question

Asked Mar 25, 2019

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you investment $480 for 7 years in an account that earns 13% interest, compounded quarterly. Find the amount of money in the account at the end of the 7 year period.

Step 1

*P *is principal, *r *is rate of interest compounded *n* times a year and *t *is time for the growth of the amount.

The compound interest can be obtain by the formula,

Step 2

Here *n* is the number of compounding periods per years that is 4.

Th...

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