4600(1+.025/4)^(4*8) = 5614.96
what formula did you use?
You deposit $4,600 in an account earning 2.5% interest compounded quarterly. How much will you have in the account after 8 years?
(Note: Use n=12 for monthly compounding, n=4 for quarterly compounding, n=2 for semiannual compounding, and n=1 for annual compounding.)
5082.31
3 answers
A=P(1+r/n)nt
How much more interest would you get in 4 years from 20% compounded monthly compared to 20% simple interest on a 3000 deposit?
4 answers