132k views
3 votes
How much will a registered retirement savings deposit of $13 500.00 be worth in

11 years at 8.44% compounded quarterly?And how much of the amount is interest?

1 Answer

3 votes

Answer:

33832.80

Explanation:

Given that 13500 dollars is deposited in savings bank at 8.44% for 11 years

Compounding quarterly

Effective interest =
(8.44)/(400) =0.0211

Effective time = 11(4) = 44

Hence total amount after 11 years

=
13500(1.0211)^(44) \\=33832.80

User VolenD
by
8.0k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories