If $3,200 is invested at a rate of 5.5%, compounded quarterly, calculate the value of the investment after 4 years. Round to the nearest dollar.

Question

If $3,200 is invested at a rate of 5.5%, compounded quarterly, calculate the value of the investment after 4 years.  Round to the nearest dollar.

Raymond B. · Accepted Answer

A=3200(1+.055/4)^4(4)= 3200(1.01375)^16=$3,981.47

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