SOLUTION: You invest an initial $100 in an account that has an annual interest rate of 3%, compounded quarterly. How much money will you have in the account after 20 years? Round your answer
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Question 633782: You invest an initial $100 in an account that has an annual interest rate of 3%, compounded quarterly. How much money will you have in the account after 20 years? Round your answer to the nearest whole number. Answer by solver91311(24713) (Show Source):
Where is the future value, is the present value, is the interest rate expressed as a percent, is the number of compounding periods each year, and is the number of years.
Alternatively you can use:
if is the interest rate expressed as a decimal fraction.
Get out your calculator and do the arithmetic. Don't use this as a retirement plan.
John
My calculator said it, I believe it, that settles it
