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Henry invested $59,000 in an account paying an interest rate of 2% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 20 years?

Respuesta :

sqdancefan

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Answer:

  $87,929.98

Step-by-step explanation:

The future value formula can be used for this:

  FV = P(1 +r/n)^(nt)

where principal P is invested at annual rate r for t years, compounded n times per year. With your numbers, we have ...

  FV = $59,000(1 +.02/4)^(4·20) ≈ $87,929.98

Henry will have $87,929.98 after 20 years.

maxwellS23646

Answer:

A≈87929.98

Step-by-step explanation:

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