Which one is correct
2 answers:
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Answer:
The amount the $20.000 will be worth in 17 years at compound interest is $65068.443
Step-by-step explanation:
Here we have the Principal, P = $20,000.00
The annual interest rate, r = 7% = 0.07
Time , t = 17 years
Number of compounding period per year, m = quarterly = 4
The compound interest can be found from the following formula;
Therefore, by plugging the values of the equation parameters, we have;
Therefore, the amount the $20.000 will be worth in 17 years at compound interest = $65068.443.