If $1,000 is invested today, how much will it grow to in 3 years,


Question Description:

30

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

Answer

30