Answered

Solve your doubts and expand your knowledge with IDNLearn.com's extensive Q&A database. Discover comprehensive answers to your questions from our community of knowledgeable experts.

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

Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com is your reliable source for answers. We appreciate your visit and look forward to assisting you again soon.