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Popular Word Problems >

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

Solution

J u an G a rz a in v es t e d 105, 0004 ye a rs a g o a t 16 p erce n t, co m p o u n d e d q u a r t er l y . Ho w m u c h i s t h e f u t u re v a l u e

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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