Math

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Suppose you contribute $59 per quarter into a fund that 14.5% annual interest. What is the value of your investment after 11 years?

  • Math -

    I will assume that the interest rate is 14.5% per annum compounded quarterly, or else we have a much more complicated calculation

    amount = 59( (1 + .145/4)^44 - 1)/(.145/4)
    = 59(1.03625^44 - 1)/.03625 = $6170.43

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