Question

Your​ friend's parents deposited ​$8000 in an account paying 6.6% interest compounded quarterly. What will the account balance be after 16 ​years?

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Answer 1

Formula= A=P(1+r/n)^nt
n=interest compounded quarterly(4) t=time(16) P=starting amount(8000) r=percent interest (6.6%)
A=8000(1+.066/4)4*16
Put in your calculator .066/4 then add 1 to answer
A=8000 (1.0165)^4*16
Multiply 4 and 16
A=8000(1.0165)^64
Plug into your calculator
And your Answer would be: The account balance would be $22,801.45 after 16 years.

Answer 2

Is there a monthly deposit?