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If 300 is invested at a rate of 5% per year and is compounded quarterly, how much will the investment be worth in 20 years?

Solution

If 300 is invested at a rate of 5% per year and is compounded quarterly, how much will the investment be worth in 20 years?

Solution

Amount : 810.45

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.05}{4})^{4 \cdot 20}

300 (1 + \frac{0.05}{4})^{4 \cdot 20} = 810.44548 \dots

Round to the nearest hundredth:

810.45

Amount : 810.45

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