Question

PLEASE HELP SOMONE.
Suppose you invest $5000 into an account the earns 2% interest compounded quarterly. How much money will you have after 30 years? Use the formula .
Group of answer choices

Answer 1

Answer:

So here is the answer to your question by using the formulae of compound amount.

Initial price( P) = $5000

Interest rate( R) = 2% pa

Time ( T) = 30 years

Compound amount (CA)=?

We have

CA=P(1+R/100)^T

=5000(1+2/100)^30

=$9056.807921

=$9057(Approx)

Thus, the money will be $9057 after 30 years.