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Popular Word Problems >

.A principal 20300, is invested at 12% interest for 5 years. Determine the future value if the interest is compounded quarterly. resent value of the project.

Solution

. A p r in c i p a l 20300, i s in v es t e d a t 12% in t eres t f or 5 ye a rs . De t er min e t h e f u t u re v a l u e i f t h e in t eres t i s co m p o u n d e d q u a r t er l y . rese n t v a l u e o f t h e p ro j ec t .

Solution

Amount : 36664.06

Solution steps

Translate the problem into an equation:

A = 20300 (1 + \frac{0.12}{4})^{4 \cdot 5}

20300 (1 + \frac{0.12}{4})^{4 \cdot 5} = 36664.05806 \dots

Round to the nearest hundredth:

36664.06

Amount : 36664.06

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