An Initial Deposit of $20,000 Earns 8% Interest, Compounded Quarterly

question 71

Short Answer

An initial deposit of $20,000 earns 8% interest, compounded quarterly. How much will be in the account after 10 years?
Please give the answer to the nearest cent. $__________

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Definitions:

Equitable Remedy

A court-imposed action designed to provide fair resolution in legal disputes, often by ordering parties to perform specific acts or abstain from certain activities.

Remedy at Law

Legal means to enforce a right or redress a wrong, typically involving monetary compensation.

Rule of Law

The principle that all individuals, institutions, and entities are accountable to laws that are publicly promulgated, equally enforced, and independently adjudicated.

Doctrines

Established principles or policies in law or religious beliefs that are taught and accepted as authoritative.