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Michael invests $2000 in an annuity that offers an interest rate of 4% compounded quarterly for 5 years. What is the value of Michael's investment after 5 years?

Michael invests $2000 in an annuity that offers an interest rate of 4% compounded quarterly for 5 years. What is the value of Michael's investment after 5 years?
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3 votes
Michael invests $2000 in an annuity that offers an interest rate of 4%

compounded quarterly for 5 years. What is the value of Michael's investment
after 5 years?

asked
User Avi Marcus
by
7.8k points

1 Answer

4 votes

Answer: $2440.38

Explanation:

answered
User Petax
by
7.7k points
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