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Sam I Am invests $150,000 today at 6% per annum, compounded quarterly
Sam I Am invests $150,000 today at 6% per annum, compounded quarterly. What will the balance of Sam's investment be in 7 years?
Expert Solution
Computation of the total amount of investment be in 7 years:-
Total amount = Principal * (1 + rate)^n
Here,
n = 7*4 = 28 periods (quarterly)
Rate = 6%/4 = 1.50% (quarterly)
Total amount = $150,000 * (1+1.50%)^28
= $150,000 * 1.51722
= $227,583.33
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