Question

Johnny wants to invest $10,000 at 4.5% interest rate compounded quarterly, How much will he have after 38 years?

Answer 1

a= $54764.26

Explanation:

r=R/100

r=4.5/100

r=0.045 rate per year

A = P(1 + r/n)nt

A = 10,000.00(1 + 0.045/4)(4)(38)

A = 10,000.00(1 + 0.01125)(152)

A = $54,764.26