Question

How do I calculate accumulated interest, given that it’s compounded quarterly, for 20 years, with a principal amount of $462,446.95, and an interest rate of 8.4% annually?

Answer 1

Answer:

Accumulated interest

= 1,976,044.78

Step-by-step explanation:

A = P( 1+r/n)^nt

= 462446.95 (1+.084/4)^4x20

= 2,438,491.73