SOLUTION: I am trying to figure out the balance of a college fund after 10 years if I invest $5000 at 3% compounded quarterly.
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Question 92168: I am trying to figure out the balance of a college fund after 10 years if I invest $5000 at 3% compounded quarterly. Found 2 solutions by stanbon, andkon:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! balance of a college fund after 10 years if I invest $5000 at 3% compounded quarterly.
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A(t) = P(1/r/n)^(nt)
A(10) = 5000(1+0.03/4)^(4*10)
A(10) = 5000*(1.0075)^40
A(10) = 5000*1.348348612...
A(10) = $6741.74
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Cheers,
Stan H.
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