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How much money will be in an account at the end of 88 years if ​$4 comma 0004,000 is deposited at 33​% interest compounded 44 times per​ year? Assume no deposits or withdrawals are made. There will be about ​$ (ANSWER) nothing in the account at the end of 88 years. ​(Round to the nearest dollar as​ needed.)

Artbliss  Aug 24, 2017
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I will assume that you mean: $4,000 on deposit for 8 years @ 3% compounded quarterly:

 

FV = PV x [1 + R]^N

FV = 4,000 x [1 + 0.03/4]^(8*4)

FV = 4,000 x [ 1.0075]^32

FV = 4,000 x      1.27011122.....

FV = $5,080.44

Guest Aug 24, 2017

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