It will take 19 years for the countdowns to reach $ 14,989.87
Given that Heather invest $ 3377 in a retirement account with a fixed annual interest rate of 8% compounded two times per year, to determine how long will it take for the countdowns to reach $ 14,989.87 the following calculation must be performed:
Initial value x (1 + interest rate / compounding times) ^ (years x compounding times) = Compound interest
- 3377 x (1 + 0.08 / 2) ^ 2X = 14,989.87
- 3377 x 1.04 ^ 2X = 14,989.87
- 3512.08 ^ 2X = 14,989.87
- X = 19
Therefore, it will take 19 years for the countdowns to reach $ 14,989.87.
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