You deposit $1000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest compounded quarterly. By how much will your deposit have grown after 4 years?
2 answers
You invest $10,000 in Rapid Growth Funds, which appreciate by 1% per year, with yields reinvested quarterly. By how much will your investment have grown after 6 years?
for the deposit, use thsi as your equation:
1000(1+.07)^4
for the investment in RGF use this as your equation:
10000(1+.01)^6
Just plug them into a calulator to solve.
1000(1+.07)^4
for the investment in RGF use this as your equation:
10000(1+.01)^6
Just plug them into a calulator to solve.
1 answer