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How much will a registered retirement savings deposit of $10000.00 be worth in 15 years at 6.00% compounded quarterly? How much of the amount is interest?

How much will a registered retirement savings deposit of $10000.00 be worth in 15 years at 6.00% compounded quarterly? How much of the amount is interest?
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How much will a registered retirement savings deposit of $10000.00 be worth in 15 years at 6.00% compounded quarterly? How much of the amount is interest?

User Mac Adada
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1 Answer

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The future worth of the savings will be 12,502. Its formula is F= P (1+ r/m)^n, substituting the given Principal, rate,  compounding period and year to the equation. While the rate of interest is rate/compounding year, the answer would be 0.015.
User Mconner
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