Stacy Henry deposited $19,500 in a money market certificate that provides interest of 12% compounded quarterly...
Stacy Henry deposited $19,500 in a money market certificate that provides interest of 12% compounded quarterly if the amount is maintained for 4 years. How much will Stacy Henry have at the end of 4 years? (Round factor values to 5 decimal places, e.g. 1.25124. Round answers to the nearest whole dollar, e.g. 5,250.)
Amount?
Homework Answers
Answer: $ 31,292
Amount Received in End of 4th year
Deposited amount = 19,500
Period 4 YEars ( 4 YEars *4 Quarters ) = 16 Periods
Interest Rate = 12% PEr annum , PEr Quarter = 12%/4 = 3%
Amounto be Receive = $19,500*( 1+3%)^16 = $19,500*1.60471 = $ 31,291.845 = $ 31,292
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