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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?
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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?

User Tahar Bakir
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Answer:

Explanation:


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

User Zeitnot
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