document.write( "Question 936298: How much would a former student have in 50 years if he invested his $60,000 lottery winnings at an average of 8% interest rate compounded quarterly? \n" ); document.write( "

Algebra.Com's Answer #569810 by TimothyLamb(4379) $\"\"$ $\"About$

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compound-interest formula:
\n" ); document.write( "v = p( 1 + (r/n) )^(nt)
\n" ); document.write( "where:
\n" ); document.write( "v = final value
\n" ); document.write( "p = initial (principal) value
\n" ); document.write( "r = interest rate (as a decimal)
\n" ); document.write( "n = number of compounding periods per year
\n" ); document.write( "t = number of years
\n" ); document.write( "---
\n" ); document.write( "p = 60000
\n" ); document.write( "r = 0.08
\n" ); document.write( "n = 4
\n" ); document.write( "t = 50
\n" ); document.write( "---
\n" ); document.write( "v = 60000*( 1 + (0.08/4) )^(4*50)
\n" ); document.write( "v = 3149093.84
\n" ); document.write( "---
\n" ); document.write( "answer:
\n" ); document.write( "$3,149,093.84
\n" ); document.write( "---
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