SOLUTION: SAVINGS Mr. Harris saves $20,000 in a money-market account at an interest
rate of 5.2%.
a. Determine the value of his investment after 10 years if interest is
compounded quarter
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Question 1158167: SAVINGS Mr. Harris saves $20,000 in a money-market account at an interest
rate of 5.2%.
a. Determine the value of his investment after 10 years if interest is
compounded quarterly.
b. Determine the value of his investment after 10 years if interest is
compounded continuously.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po20000(1+(.052/4)^40=$33528.01. Round at the end.
P=Poe^(.052*10)=20000e^(.52)=$33640.55
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