Asked by Reysi Mizrahi on Jul 08, 2024
Verified
How long will it take a $2,000 investment to grow to $2501.50 if it earns 4.5% compounded quarterly?
Compounded Quarterly
A method of calculating interest in which the interest is compounded quarterly, being added to the principal amount four times annually.
- Estimate the period necessary for an investment to increase to a predetermined sum with diverse compounding rates.
Verified Answer
MS
Learning Objectives
- Estimate the period necessary for an investment to increase to a predetermined sum with diverse compounding rates.