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kimdre10

  • 2 years ago

If you invest $25,000 in an account that gets 12% annual interest compounded quarterly, how much would you have in 10 years.

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  1. cwrw238
    • 2 years ago
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    start again!: after 10 years amount = 25000(1 + (0.12)/4)^(10*4)

  2. kimdre10
    • 2 years ago
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    okay.. so what would that be ?

  3. cwrw238
    • 2 years ago
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    this simplifies to 25000(1.03)^40 - you can compute that on your calculator

  4. cwrw238
    • 2 years ago
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    you should get 81,550.94 dollars

  5. cwrw238
    • 2 years ago
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    the general formular is A = P(1 + N/r)^(Nn) where P = principal (starting amount), r = annual rate, N = number of times per year the interest is compounded, and n = number of years

  6. cwrw238
    • 2 years ago
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    ok?

  7. kimdre10
    • 2 years ago
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    okay so whats does it look like all finished?>

  8. cwrw238
    • 2 years ago
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    well thats it the amount after 10 years is 81,550.94 - pretty good rate of interest

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