How much will a registered retirement savings deposit of $13 500.00 be worth in 11 years at 8.44% compounded quarterly?And how much of the amount is interest?

Question

asked Sep 28, 2020 132k views

1 Answer

VolenD · Answer 1 · 2020-10-04T13:51:33+0000

Answer:

33832.80

Explanation:

Given that 13500 dollars is deposited in savings bank at 8.44% for 11 years

Compounding quarterly

Effective interest =
(8.44)/(400) =0.0211

Effective time = 11(4) = 44

Hence total amount after 11 years

=
$13500(1.0211)^(44) \\=33832.80$