You plan to invest $350 in a growth fund that has a rate of 1.5% compounded quarterly. How much money will this investment be wo

Question

USPshnik [31]

4 years ago

10

You plan to invest $350 in a growth fund that has a rate of 1.5% compounded quarterly. How much money will this investment be wo

rth after 50 years?

Mathematics

2 answers:

nydimaria [60] · Answer 1 · 2022-01-10T06:42:17+03:00

nydimaria [60]4 years ago

7 0

Answer:

Hey man I know the answer to this question it would be $449.12

Step-by-step explanation: 350*1.005^50= 449.12

Jet001 [13] · Answer 2 · 2022-01-10T08:05:45+03:00

Jet001 [13]4 years ago

4 0

Answer:

Principal = $ 350

Quarterly Rate of Interest = 1.5 %

Time =50 years

n=50 × 4=200, as rate of interest is compounded Quarterly.

Amount

$=P(1+\frac{R}{100})^n\\\\=350\times (1+\frac{1.5}{100})^{200}\\\\=350\times (\frac{101.5}{100})^{200}\\\\=350\times ({1.015})^{200}\\\\=350\times 19.6430\\\\=6875.0600$

=$ 6875 (Approx)