Find the final amount of $1000 investment after 9 years at 8% interest compound quarterly

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asked Feb 16, 2019 145k views

1 Answer

Nathanael Smith · Answer 1 · 2019-02-20T10:10:40+0000

Here's the equation for one year:
1000 + 0.08(1000)
But because it is 9 years:
1000 + 9(0.08(1000))
1000 + 0.72(1000)
We can make it simpler:
1.72(1000)
Multiply:
1720
You will have $1720

Find the final amount of $1000 investment after 9 years at 8% interest compound quarterly

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