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Popular Word Problems >

find the future value of 20000 in 2 years time if compounded quarterly at 8% interest

Solution

solve for

t h e f u t u re v a l u e o f 20000 in 2 ye a rs t im e i f co m p o u n d e d q u a r t er l y a t 8% in t eres t

Solution

Amount : 23433.19

Solution steps

Translate the problem into an equation:

A = 20000 (1 + \frac{0.08}{4})^{4 \cdot 2}

20000 (1 + \frac{0.08}{4})^{4 \cdot 2} = 23433.18762 \dots

Round to the nearest hundredth:

23433.19

Amount : 23433.19

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