.A principal 20300, is invested at 12% interest for 5 years. Determine the future value if the interest is compounded quarterly. resent value of the project.

Solution

Solution

Amount : 36664.06

Solution steps

Translate the problem into an equation:

A = 20300 (1 + \frac{0.12}{4})^{4 \cdot 5}

20300 (1 + \frac{0.12}{4})^{4 \cdot 5} = 36664.05806 \dots

Round to the nearest hundredth:

36664.06

Amount : 36664.06

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