Four and a half years ago, Chris invested $10,000 in a retirement fund that grew at the rate of 3.32%/year compounded quarterly. What is his account worth today? (Round your answer to the nearest cent.)

his account worth today $11604.21

Explanation:

given data

investment = $10000

rate = 3.32 %

time = Four and a half years = 18 quarterly

solution

we get here amount that is express as

amount = principal × (1+\frac{r}{n})^{nt}   1

put here value and we get

amount = $10000 × (1+\frac{0.0332}{4})^{18}

amount = $11604.21

it's actually a very difficult task, due to not many people can make 2 million dollars in 2 years. besides that, to the not-so-realistic ideas, you can create a business. it could be practically anything, but make it into a business that isn't that known yet, you get me? also, lets not forget about stock market. that's where all the good stuff happens. use investments at the beginning and begin to raise up your business or whatever you're going to do. as this is a very non-realistic idea, it's still worth the shot!