Question

After 5 years, what is the total amount of a compound interest investment of $32,000 at 3% interest, compounded quarterly?
$32,426.67 $37,157.89 $43,099.36 $57,795.56

Answer 1

Formula for effective annual worth
F = P(1 + r/m)^(nt)
m = 4 (compounded quarterly)
F = $32000(1 + 0.03/4)^(5*4)
F = $37157.89

Answer 2

Answer:

The answer is B

Step-by-step explanation:

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