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After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?
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After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

User Quandrum
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1 Answer

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"Quarterly" means "4 times per year." The appropriate formula would then be

A = $25000 (1 + 0.03/4)^(4*8) = $25000 ( 1.0075)^32
= $25000 (1.27) = $31752.78
User Aragaer
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