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Social Science[Consumers Mathematics: Accumulation Factor Method]As a 50th birthday present to his wife , a husband deposited P 16800 in her account in investment that pays 5% compounded quarterly. How much will she have in the investment in her 66th birthday.
[Consumers Mathematics: Accumulation Factor Method]
As a 50th birthday present to his wife , a husband deposited P 16800 in her account in investment that pays 5% compounded quarterly. How much will she have in the investment in her 66th birthday.
Expert Answer
Given that at 50th birthday present to his wife , a husband deposited P 16800 in her account in investment that pays 5% compounded quarterly.
Using formula
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nt r A = P 1 where P initial investment A Final investment t time period r interest n number of times interest is compounded per unit t
In given pro...
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P 16800 A Final investment t 16 after 16 years} r 5% (0.05) n 4 (compounded quarterly)
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