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Juan Garza invested 105, 000 4 years ago at 16 percent, compounded quarterly. How much is the future value

Solution

Juan Garza invested 105, 000 4 years ago at 16 percent, compounded quarterly. How much is the future value

Solution

Amount : 196663.03

Solution steps

Translate the problem into an equation:

A = 105000 (1 + \frac{0.16}{4})^{4 \cdot 4}

105000 (1 + \frac{0.16}{4})^{4 \cdot 4} = 196663.03080 \dots

Round to the nearest hundredth:

196663.03

Amount : 196663.03

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