How much money will you have in 6 years if you invest $3000 at a 3.1% annual rate of interest compounded quarterly?

Result

The interest is $203670 and the amount is $206670.

Explanation

STEP 1: Convert interest rate of 3.1% per day into rate per year.

STEP 2: Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $3000, i = 1131.5% and t = 6 years, so

STEP 3: Find an amount by using the formula A=P+I.

Since P = $3000 and I = $203670 we have

see below

step-by-step explanation:

x+2> 6

subtract 2 from each side

x+2-2 > 6-2

x > 4

there is an open circle at 4 since is it is greater than and the line goes to the right

answer: 8 years

step-by-step explanation:

the explanation is that in 8 years the child will be 20 and in 8 years the father will be 40 and 20 is half of 40.