Question

Find the final amount of money in an account if
$8200 is deposited at 7% interest compounded quarterly (every 3 months) and the money is left for 5 years.

Answer 1

0.07/4 = 0.0175
so every quarter multiply by 1.0175
5years is 20 quarters
so
8200 * 1.0175^20
= 8200 * 1.414778
= 11,601.18