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John James loaned Mel Karras $8,000 to open up a pottery shop. Mel will repay John at the end of 5 years with interest, compounded quarterly, at 8 percent. How much will John receive at the end of 5 years?
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John James loaned Mel Karras $8,000 to open up a pottery shop. Mel will repay John at the end of 5 years with interest, compounded quarterly, at 8 percent. How much will John receive at the end of 5 years?

User Anuradha Gunasekara
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1 Answer

5 votes

A=8000(1+(0.08)/(4))^(5*4)=$11,887.58
User Michal Frystacky
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