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25 March, 12:01

After 5 years, what is the total amount of a compound interest investment of $32,000 at 3% interest, compounded quarterly?

$32,426.67 $37,157.89 $43,099.36 $57,795.56

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  1. 25 March, 12:20
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    Formula for effective annual worth

    F = P (1 + r/m) ^ (nt)

    m = 4 (compounded quarterly)

    F = $32000 (1 + 0.03/4) ^ (5*4)

    F = $37157.89
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