Henry invested $59,000 in an account paying an interest rate of 2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, , would be in the account after 20 years?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Nov 20, 2022 122k views

0 votes

Henry invested $59,000 in an account paying an interest rate of 2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, , would be in the account after 20 years?

Mathematics
high-school

Tahar Bakir asked

by Tahar Bakir

3.6k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

2 votes

Answer:

Explanation:

$A=P(1+r/4)^((4t))\\ \\ A=P(1+.02/4)^((4t))\\ \\ A=59000(1.005)^(4(20))\\ \\ A=\$ 87929.98$

Zeitnot answered Nov 24, 2022

by Zeitnot

3.6k points

0 Comments

Please log in or register to add a comment.

Ask a Question

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

3.6m questions

4.5m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions