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Hillier Hillier
wrote...
Posts: 550
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6 years ago
How much will a registered retirement savings deposit of $10 000.00 be worth in 15 years at 6.00% compounded quarterly? How much of the amount is interest?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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Replies
wrote...
6 years ago
PV = 10000.00; i = 6.0%/4 = 1.5%; n = 15*4 = 60
FV = 10000(1 + .015)60 = 10000(2.4432198) = 24 432.20
I = 24432.20 - 10000.00 = 14 432.20
Hillier Author
wrote...
5 years ago
Correct, thank you
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