SOLUTION: Betty invested $5000 at 8% compounded quarterly for 15 years. How much is this invested worth at the end of this period?

Algebra ->  Equations -> SOLUTION: Betty invested $5000 at 8% compounded quarterly for 15 years. How much is this invested worth at the end of this period?      Log On


   

Question 1168200: Betty invested $5000 at 8% compounded quarterly for 15 years. How much is this invested worth at the end of this period?
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
8% interest per year compounded quarterly means that each quarter is 2% rate.

15 years is 60 quarter terms.

5000%2A%281.02%29%5E60-----------the balance at the end.