Question

Jaden puts 300.00 into an account to use for school expenses the account earns 9% interest compounded quarterly how much will be in the account after 8 years

Answer 1

Jaden puts 300 into his account for school expenses

At the rate of 9% and was compounded quarterly

Time = 8 years

A = P(1 + r/n)^nt

P = Principal

r = interest rate

n = number of times it was compounded

P = 300

r = 9/100 = 0.09

n = 4

A = 300(1 + 0.09/4)^4 *8

A = 300(1 + 0.0225)^32

A = 300(1.0225)^32

A = 300 x 2.0381

A = $611.43

The answer is $611.43