You invest $16000 that earns 4% compounded quarterly. What's the future value of the investment if you hold the investment for 8 years and how much interest did you earn? Round your answers to two decimal places. Future value = S Total interest earned = $

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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You invest $16,000 that earns 4% compounded quarterly. What's the future value of the investment if you hold the investment for 8 years, and how much interest did you earn?

*Round your answers to two decimal places.*

- **Future value = $____________**
  
- **Total interest earned = $____________**
Transcribed Image Text:You invest $16,000 that earns 4% compounded quarterly. What's the future value of the investment if you hold the investment for 8 years, and how much interest did you earn? *Round your answers to two decimal places.* - **Future value = $____________** - **Total interest earned = $____________**
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