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#1 2008-05-27 21:42:29
- atut
- Member
- Registered: 2008-04-23
- Posts: 30
Help
$205 at 7.9% compounded quartely for 6 and half years.
What is the answer??????
:D;)
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#2 2008-05-27 21:57:48
- luca-deltodesco
- Member
- Registered: 2006-05-05
- Posts: 1,470
Re: Help
6 and a half years is 26 quarters.
at each quarter, the value increases by 7.9%, which is the same as multiply it by 1 + 7.9/100 = 1.079
at each quarter, if 'x' is the current value, then the new value is x*1.079, after two quarters its x*1.079*1.079 etc.
so the answer is 205 * 1.079^26 = 1480.1694039.... = 1480.17$
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