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3 years ago

11

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?

1 answer:

AfilCa [17]3 years ago

5 0

Answer:

Step-by-step explanation:

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

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