Question 1178230: Find out how much a retirement account based on a principal of $124247 compounded 3 % quarterly after 20 years is worth?
Answer by mananth(16949)   (Show Source):
You can put this solution on YOUR website!
principal of $124247 =P
compounded 3 % r=3* = 0.03
quarterly 4 times a year n=4
after 20 years t
A = P(1 + r/n)^nt
A = 124,247.00(1 + 0.03/4)(4)(20)
A = 124,247.00(1 + 0.0075)(80)
A = $225,886.51
The total amount accrued, with compound interest on a principal of $124,247.00 at 3% per year compounded 4 times per year over 20 years is $225,886.51.
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