ALGEBRA

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Find the ending balance in an account that opens with $5,000, earns 7.5% interest compounded quarterly, and is held for 20 years. (Round your answer to the nearest cent.)

  • ALGEBRA -

    P = Po(1+r)^n.

    Po = $5,000.

    r = (7.5%/4) / 100% = 0.01875 = Quarterly % rate expressed as a decimal.

    n = 4Comp/yr * 20yrs = 80 Compounding
    periods.

    Plug the above values into the given Eq
    and get $22,099.26.

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