(Solved by Humans)-If $1,000 is invested today, how much will it grow to in 3 years,
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?If $1,000 is invested today, how much will it grow to in 3 years, assuming a 6% annual interest rate with quarterly compounding?
?? ?$1,000 ? 1.015 to the twelfth power
?? ?$1,000 X 1.06 to the third power
?? ?$1,000 X 1.015 to the twelfth power
?? ?$1,000 ? 1.06 to the third power
Please note that Future Value is given as below.
Pn = P0(1+r)n
Pnis future value of P0
P0 is original amount invested
r is the rate of interest
n is the number of compounding periods (years,...
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This question was answered on: 10 May, 2025
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