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21 May, 19:58

You invest an initial 100 in an account that has an annus! intecest rate of 3% compounded quarterly. How much money will ypu have in the account after 20 years?

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  1. 21 May, 23:52
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    The formula is

    A=p (1+r/k) ^kn

    A future value?

    P present value 100

    R interest rate 0.03

    K compounded quarterly 4

    N time 20 years

    A=100 * (1+0.03:4) ^ (4*20)

    A=181.80
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