HI
Here Initial invested amount P = $80,000
time t = 2014 - 1981 = 33 years
r = 23.24%
So amount on August 8,2014 A = P*(1+r/n)^(nt)
A = 80000*(1+23.24%/12)^(12*33)
A = 80000*(1.0194)^396
A = $159,198,689.95
Thanks
On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If...
On August 8, 1981, American Savings offered an insured tax-free account paying 23.24% compounded monthly. If you had invested $20,000 at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula 1 = P(1+5) for n = 12. (Round your answer to the nearest cent.) X Your answer cannot be understood or graded. More Information
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