Juan Garza invested $105,000 4 years ago at 16 percent, compounded quarterly. Ho

Question

Juan Garza invested $105,000 4 years ago at 16 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Future value =

0515 1122346803120 39 5 66 6 2 6 9 5 2 1 2 2 6 599 135 1112334579148 2 0 5297 8327 220872 1112223456780258 579 137 9741 1357914793 2 05 52 0 9 5 5 5 8 7 7 7 24 1245791368469 9749234 9472771 125191662 70 1. · 111122334567801469 23 27 62 43 50 27 09242511874 11112233445 50-1: 456778901245633 488 111-1. 2 2 2 3 3 4 55679024690580 877 1913 678152 2 11112223344567890246 01369 69385 9552 768 5 677 7647 5678913 0123467 95 247148 41866 1234567890123456789 123456789012345678905

Explanation / Answer

Amount he has accumulated = 105,000 * 1.04^16

amount he has accumulated = 196,663.03

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.