Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Question 14
FINANCE Mr. Fernandez deposits $60,000 into an account that pays 2.5% annual interest compounded quarterly. What will be the balance
after 20 years? Round to the nearest cent.

Sagot :

snrichards08

Answer: $90000

Step-by-step explanation:

i = prt (interest = principle x rate x time)

i = 60000 x 0.025 x 20

i = $30000 interest

b = p + i (balance = principle + interest)

b = 60000 + 30000

b = $90000 balance

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.