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1 answer:
I got 64,101.86
with all of your values written down, you plug them into the equation. the first thing i like to do is take the r/n or in this case .05/4. remember that the rate needs to be written as a decimal and it is compounded quarterly giving us the 4. once i get that answer i add the one, which gives 1.0125 take that answer to the 20th power (4 times a year times 5 years) and you should get 1.28 and more numbers. take the full answer times 50,000 and you should get 64,101.86 once rounded to two decimal places. i hope this helps :)
with all of your values written down, you plug them into the equation. the first thing i like to do is take the r/n or in this case .05/4. remember that the rate needs to be written as a decimal and it is compounded quarterly giving us the 4. once i get that answer i add the one, which gives 1.0125 take that answer to the 20th power (4 times a year times 5 years) and you should get 1.28 and more numbers. take the full answer times 50,000 and you should get 64,101.86 once rounded to two decimal places. i hope this helps :)
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