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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?

Respuesta :

jepessoa

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

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