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A couple deposits 18,000into an account earning 2% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded quarterly. Round your answer to the nearest cent.

Solution

A couple deposits 18, 000into an account earning 2% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded quarterly. Round your answer to the nearest cent.

Solution

Amount : 24279.3

Solution steps

Translate the problem into an equation:

A = 18000 (1 + \frac{0.02}{4})^{4 \cdot 15}

18000 (1 + \frac{0.02}{4})^{4 \cdot 15} = 24279.30274 \dots

Round to the nearest hundredth:

24279.3

Amount : 24279.3

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