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If $8900 is invested at 3.8% interest compounded quarterly, how much will the investment be worth in 13 years?

User Molenpad
by
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2 Answers

3 votes

Answer:

14,551.87 (apex)

Explanation:


User Janux
by
6.9k points
3 votes
A = P(1 + (r/n))^(nt)
A = amount in the account after a specified period of time
P = principle
r = rate (change to a decimal)
n = the number of times compounded per year
t = time (in years unless otherwise stated)

A = 8900(1 + (.038/4))^(4 * 13)
A = 8900(1.0095)^52
A = $ 14551.87

User Gourishankar
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7.5k points