SOLUTION: 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?
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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? Answer by TimothyLamb(4379) (Show Source):
You can put this solution on YOUR website! compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
---
p = 60000
r = 0.08
n = 4
t = 50
---
v = 60000*( 1 + (0.08/4) )^(4*50)
v = 3149093.84
---
answer:
$3,149,093.84
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