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Popular >

Determine the value of an investment of 100,000 if it is invested at an interest rate of 5.2% compounded quarterly for 12 years.

Solution

Determine the value of an investment of 100, 000 if it is invested at an interest rate of 5.2% compounded quarterly for 12 years.

Solution

Amount : 185888.87

Solution steps

Translate the problem into an equation:

A = 100000 (1 + \frac{0.052}{4})^{4 \cdot 12}

100000 (1 + \frac{0.052}{4})^{4 \cdot 12} = 185888.86567 \dots

Round to the nearest hundredth:

185888.87

Amount : 185888.87

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