SOLUTION: You invest an initial $100 in an account that has an annual interest rate of 3%, compounded quarterly. How much money will you have in the account after 20 years? Round your answer
Algebra.Com
Question 633782: You invest an initial $100 in an account that has an annual interest rate of 3%, compounded quarterly. How much money will you have in the account after 20 years? Round your answer to the nearest whole number.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
Where 
is the future value, 
is the present value, 
is the interest rate expressed as a percent, 
is the number of compounding periods each year, and 
is the number of years.
Alternatively you can use:
^{nt})
if is the interest rate expressed as a decimal fraction.
^{4\,\cdot\,20})
Get out your calculator and do the arithmetic. Don't use this as a retirement plan.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
You invest an initial $100 in an account that has an annual interest rate of 3%,... (answered by Boreal)
You deposit $6,800 in a money-market account that pays an annual interest rate of 5.7%.... (answered by Edwin McCravy)
You invest $1,100 in an account that has an annual interest rate of 2.1%, compounded... (answered by checkley77)
You invest $1,300 in an account that has an annual interest rate of 5%, compounded... (answered by TMils)
You invest $1,300 in an account that has an annual interest rate of 5%, compounded... (answered by rfer)
Hello! Could you please help me with the following problem? If you could give me steps... (answered by LynnMomo,MathTherapy)
Suppose that you can invest your money at an annual interest rate of 8%, compounded... (answered by Boreal)
Hi! Thank you so much for your help. I would like to know how you get this answer, so if... (answered by jorel555)
Suppose that you invest $100 at an annual interest rate of 4.8% compounded continuously.... (answered by Alan3354,MathLover1)
