Future value investment

Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy can go to college. It pays 0.04 (percent in decimal form) annual interest. After 11 years, he withdraws the money. How much more money would he have if the interest was compounded continuously versus compounded quarterly?

Correct answer:

x =  -27.0951

Step-by-step explanation:

a=2747 t=11 n1=t=11 n2=t 4=11 4=44 r=0.04  x1=a (1+r)n1=2747 (1+0.04)114228.8803 x2=a (1+r/4)n2=2747 (1+0.04/4)444255.9754  x=x1x2=4228.88034255.9754=27.0951



We will be pleased if You send us any improvements to this math problem. Thank you!



avatar




Tips to related online calculators
Do you want to convert time units like minutes to seconds?

Related math problems and questions:

  • Two years
    exp_growth2 Roy deposited 50,000.00 into his account paying 4% annual interest compounded semi annually. How much is the interest after 2 years?
  • Savings
    penize_5 Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
  • Compound interest 3
    exp_growth2 After 8 years, what is the total amount of a compound interest investment of $25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)
  • If you 3
    bank2 If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years?
  • If you 4
    exp_growth If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account?
  • Future value
    penize_2 Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
  • How much 2
    bank2_1 How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after 9 years?
  • Compound Interest
    exp_growth2 If you deposit $6000 in an account paying 6.5% annual interest compounded quarterly, how long until there is $12600 in the account?
  • Compound interest
    bank_3 Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
  • Annual interest
    bank2 A loan of 10 000 euro is to be repaid in annual payments over 10 years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid.
  • Savings
    500eur The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua
  • Shuyen
    penize_49 Shuyen wanted to save some money. She deposited Php.300 in a bank which pays 0.5% interest per annum. After nine months, she needed the money to buy some gifts. How much will she be able to get if he withdraws all her money from the bank?
  • Compound interest 4
    exp_growth2 3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?
  • If you 2
    exp_growth If you deposit $4000 into an account paying 9% annual interest compounded monthly, how long until there is $10000 in the account?
  • Combined interest
    bank2 Combined interest: Carol has deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. The money was put into the account 5.5.2016 and withdraw them all before Christmas 20.12.2016. How much money did she withdraw?
  • Suppose 3
    penize Suppose that a couple invested Php 50 000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually, a, Give an exponential model for the situation b, Will the money be
  • 3 years savings
    penize_35 Simple interest problem. Tereza has deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Interest is added each year and left aside. How many CZK (crowns) will have total after 3 years?