Asked by Dave

A $2,000 deposit at an APR of 5.4% with quarterly compounding for 8 years. The amount after 8 years will be??
Answered by Damon
Enough already. By now if you are paying any attention you should be able to post at least an attempt at an answer.
Answered by Damon
rate is .054 /4
number of periods = 4*8 = 32
Answered by Dave
I did that and it said it was wrong I need the amount after 8 years how do I do that
Answered by Damon
.054/4 = .0135
that is your quarterly rate so every 3 months multiply by
1.0135

1.0135^32 = 1.53589
so multiply 2,000 by that. 3071.78
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