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If you deposit $1,000 into a retirement account paying 2.5% interest, compounded quarterly, and leave the money in the account for 50 years, how much money will there be?

If you deposit $1,000 into a retirement account paying 2.5% interest, compounded quarterly, and leave the money in the account for 50 years, how much money will there be?
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If you deposit $1,000 into a retirement account paying 2.5% interest, compounded quarterly, and leave the money in the account for 50 years, how much money will there be?

User PublicJorn
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1 Answer

4 votes

Answer:

$1,000((1 + .025/4)^200) = $3,476.79

User Omer Aslam
by
8.2k points
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