An initial investment of $14,000 is appreciated for 66 years in an account that earns 66% interest, compounded semiannually. Find the amount of money in the account at the end of the period.
FV = PV x [1 + R]^N
FV = 14,000 x [1 + 0.06/2]^(6*2)
FV = 14,000 x [1.03]^12
FV = 14,000 x 1.425760887.......
FV =$19,960.65
+118608 Good but you have compounded at 6% for 6 years
not at 66% for 66 years which is what the question asks for :)
I wish I could get interest like that on my savings!!
14000(1+0.33)^(66*2) = 312280339853234696132.5953902073585167838324118204281050907580348068612312312280339853234696132.5953902073585167838324118204281050907580348068612312 = 3.1228033985323469613259539020735851678383241182042810509e20
approx 3.1228*10^20 dollars
That is more money than you or I could even imagine.
