Question

Henry invested $59,000 in an account paying an interest rate of 2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, , would be in the account after 20 years?

Answer 1

Answer:

Step-by-step explanation:

$A=P(1+r/4)^{(4t)}\\ \\ A=P(1+.02/4)^{(4t)}\\ \\ A=59000(1.005)^{4(20)}\\ \\ A=\ 87929.98$