Question

How much money will there be in an account at the end of 66 years if ​$60006000 is deposited at 33​% interest compounded quarterly question markquarterly?

Answer 1

Answer:

$12,197

Explanation:

I guess that the correct numbers are because otherwise it would be a ridiculously large number:

• n = 6 years or 24 quarters
• principal = $6,000
• interest rate = 3% quarterly

Future value = principal x (1 + interest rate)ⁿ = $6,000 x (1 + 3%)²⁴ = $6,000 x 1.03²⁴ = $6,000 x 2.0328 = $12,196.80 ≈ $12,197