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You deposit $1000 in an account that pays 2% annual interest compounded quarterly. How much will you have after 8 years?
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3 votes
You deposit $1000 in an account that pays 2% annual interest compounded quarterly. How much will you have

after 8 years?

User Kubrick G
by
5.9k points

1 Answer

1 vote
Answer :
1,173.04

Step-by-step explanation:
Use the compound interest formula which is P(1 + r/n)^(nt) and plug in your numbers:

1000(1+0.02/4)^(4•8)
User Nathan Liang
by
5.7k points
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