Question

You plan to invest $350 in a growth fund that has a rate of 1.5% compounded quarterly.

How much money will this investment be worth after 50 years?

Round your answer to the nearest cent, and enter it with a dollar sign, like this: $42.53

Answer 1

50 * 4 = 200, rate compounded quarterly
P (1 + r / 100)^n
350 * (1 + 1.5 / 100)^200
350 * (1 + 0.015)^200
350 * (1.015)^200
350 * 19.643
$6875.06

Answer 2

thx