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8 March, 20:53

If $8900 is invested at 3.8% interest compounded quarterly, how much will the investment be worth in 13 years?

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  1. 8 March, 23:29
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    A = P (1 + (r/n)) ^ (nt)

    A = amount in the account after a specified period of time

    P = principle

    r = rate (change to a decimal)

    n = the number of times compounded per year

    t = time (in years unless otherwise stated)

    A = 8900 (1 + (.038/4)) ^ (4 * 13)

    A = 8900 (1.0095) ^52

    A = $ 14551.87
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