a $22,000 deposit at an apr of 5.1% with a quarterly compounding for 25 years. after 25 years will be

Question

a $22,000 deposit at an apr of 5.1% with a quarterly compounding for 25 years. after 25 years will be

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Adalyn 2 weeks 2021-09-09T11:57:02+00:00 1 Answer 0

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    2021-09-09T11:58:20+00:00

    Answer:

    After 25 years the amount will be $78099.34.

    Step-by-step explanation:

    The compound interest formula is ;

    A=p(1+r/n)^{nt}

    Where p = 22000

    r = 5.1% or 0.051

    n = 4

    t = 25

    So, putting the values in formula we get;

    A=22000(1+0.051/4)^{100}

    A=22000(1.01275)^{100}

    A = $78099.34

    Therefore, after 25 years the amount will be $78099.34.

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