Revised Compound Interest Problem
Please show all work as you apply the compound interest formul. Be sure to let your calculator store as many decimal digits as possible in every step; followed by rounding your final answer to the nearest penny.
Formula must be followed with complete breakdown
A = P(1+r/n)(nt)
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
1) Scott creates a new compound-interest calculator app that he then sells to Google for $2,000,000. If he invests that money in a mutual fund that averages 11.79% interest compounded quarterly, how much will he have at the end of 5 years?
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