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13 April, 04:04

If $360 is invested at an interest rate of 4% per year and is compounded quarterly, how much will the investment be worth in 18 years?

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  1. 13 April, 04:25
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    The answer is $736.96

    formula W=p (1+i/q) * (qy)

    where p=360, y=18 (years), i-0.04, q=4 (quarterly compounding)

    W=360 (1+.01) * 72

    =360*2.0471
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