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.

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Expert Answer

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,

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Step 2

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

Th...

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