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You are going to deposit $20,500 today. you will earn an annual rate of 3.9 percent for 14 years, and then earn an annual rate of 3.3 percent for 17 years. how much will you have in your account in 31 years

Answer :

Okpalawalter8go

You are going to deposit $20,500 today, what you will have in your account in 31 years is mathematically given as

A=60824.276

What is Compound Interest?

Generally, the equation for Compound Interest is mathematically given as

A=P(1+r/100)^n

Therefore

A=$20500*(1.039)^14*(1.033)^17

A=$20500*2.967038158

A=60824.276

In conclusion, the compound interest

A=60824.276

Read more about compound interest

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