The money will be worth $618111016.19 at the end of 17 years
Explanation:Initial amount received, P = $3000
Interest rate, r = 72%
r = 72/100
r = 0.72
Number of times compounded in a year, n = 4
Time, t = 17 years
Amount after 17 years will be calculated as:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]Substitute P = 8000, r = 0.72, n = 4, and t = 17 into the formula above
[tex]A=8000(1+\frac{0.72}{4})^{4(17)}[/tex][tex]\begin{gathered} A=8000(1+0.18)^{68} \\ A=8000(1.18)^{68} \end{gathered}[/tex]A = $618111016.19
The money will be worth $618111016.19 at the end of 17 years
