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Question 14
FINANCE Mr. Fernandez deposits $60,000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance
after 20 years? Round to the nearest cent.

Sagot :

Snrichards08idn

Answer: $90000

Step-by-step explanation:

i = prt (interest = principle x rate x time)

i = 60000 x 0.025 x 20

i = $30000 interest

b = p + i (balance = principle + interest)

b = 60000 + 30000

b = $90000 balance

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