Answer:
$24 would be worth $5666315207
Step-by-step explanation:
Given amount invested(principal) = $24
rate of interest = 5% = 0.05
Time period = 2014 - 1626= 388
compounded quarterly so n= 4
Apply compound interest formula
[tex]A=P(1+\frac{r}{n})^{t*n}[/tex]
Plug in the values in the formula
[tex]A =24(1+\frac{0.05}{4})^{388*4}[/tex]
[tex]A =24(1+0.0125)^{1552}[/tex]
A = 5666315206.95264
A = $5666315207
