Based on the given data and the conditions for the investment, we will solve for the Total amount plus the Principal in order to arrive at the
answer which is $736.96
Given data
Principal = $360
Rate = 4%
Time = 18 years
First, convert R as a percent to r as a decimal
r = R/100
r = 4/100
r = 0.04 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 360.00(1 + 0.04/4)^(4)(18)
A = 360.00(1 + 0.01)^(72)
A = $736.96
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $360.00 at a rate of 4% per year compounded 4 times per year over 18 years is $736.96.
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