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Find the ending balance in an account that opens with $6,000, earns 6.5% interest compounded quarterly, and is held for 20 years. (Round your answer to the nearest cent.)

  • math -

    P = Po(1+r)^n.

    P = Principal bal. after 20 yrs.

    Po = $6,000 = Initial deposit.

    r = (6.5%/4)/100% = 0.01625 = Quarterly % rate expressed as a decimal.

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

    Plug the calculated values into the given Eq.

    P = $21,786.93.

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