Question

Phillip opened a savings account with an annual interest rate of 8% and an initial deposit of $3500. If his interest is compounded quarterly, how much is in Jeffrey’s account after 2 years? Round your answer to the nearest cent.

interest compounded quarterly: A equals P left parenthesis 1 plus r over 4 right parenthesis to the power of 4 t end exponent

$____

Answer 1

3500(1.02)^8 this should be the correct anwser

Answer 2

The formula is A=p(1 + (r/n))^(nt)
A = 3500(1 + (.08/4))^(4*2)
A = 3500 ( 1.02)^8
A = $ 4100.81