① what sum must be deposited today at 10 percent per year compounded quarterly if the goal is to have a compound amount of 850,000 6 years from today? How much interest will be earned during that period?
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Step-by-step explanation:P (1+ i/n)nt
t = Time, meaning the length of time the interest is applicable, generally in years. Simply put, you calculate the interest rate divided by the number of times in a year the compound interest is generated.
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Step-by-step explanation:P (1+ i/n)nt
t = Time, meaning the length of time the interest is applicable, generally in years. Simply put, you calculate the interest rate divided by the number of times in a year the compound interest is generated.
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