Mr. Fernandez deposits 60,000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance after 20 years? Round to the nearest cent.

Solución

Mr. Fernandez deposits 60, 000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance after 20 years? Round to the nearest cent.

Solución

Amount : 98769.47

Pasos de solución

Translate the problem into an equation:

A = 60000 (1 + \frac{0.025}{4})^{4 \cdot 20}

60000 (1 + \frac{0.025}{4})^{4 \cdot 20} = 98769.46934 \dots

Round to the nearest hundredth:

98769.47

Amount : 98769.47

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