HISTORICAL QUEST On August 8,1981 , American Savings offered an insured tax-free account paying (23.24 %) compounded
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HISTORICAL QUEST On August 8,1981 , American Savings offered an insured tax-free account paying \(23.24 \%\) compounded monthly. If you had invested \(\$ 50,000\) at that time, how much would you have on August 8, 2014, assuming that you could have locked the interest rate at the time of deposit? Use the formula
\[A=P\left(1+\frac{r}{n}ight)^{n t}\]
for \(n=12 .\)
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