Candace invests $636 in an investment that pays 7% interest compounded quarterly. What is her annual effective yield? Input answ
2 answers:
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Answer:
The Amount of money in the account after 28 years is $616,674.5
Step-by-step explanation:
Given as :
The principal amount placed in the account = p = $67,000
The rate of interest = r = 8.25%
The time period of amount in the account = t = 28
Let the Amount of money in the account = $A
Now<u>, From Compound Interest method</u>
Amount = Principal ×
A = p ×
Or, A = $67,000 ×
Or, A = $67,000 ×
Or, A = $67,000 × 9.2041
∴ A = $616,674.7
So, The Amount of money in the account = A = $616,674.5
Hence, The Amount of money in the account after 28 years is $616,674.5 Answer