Jim invested $250 when he was 18. His investment earned 8.5% interest compounded quarterly. How much would his investment be worth when he is 65?
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- Principal amount (\( P \)) = $250 - Annual interest rate (\( r \)) = 8.5% = 0.085 - Compounding frequency = quarterly - Number of years (\( t \)) = 65 - 18 = 47 Show more…
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