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Find the Compound Amount. Round to the nearest cent. Amount = $980 Rate = 8% Compounded = Quarterly Time (Years) = 5

Find the Compound Amount. Round to the nearest cent. Amount = $980 Rate = 8% Compounded = Quarterly Time (Years) = 5
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Find the Compound Amount.

Round to the nearest cent.

Amount = $980
Rate = 8%
Compounded = Quarterly
Time (Years) = 5

asked
User TMarshall
by
7.6k points

1 Answer

4 votes
A=p(1+i/m)^mn
A=980×(1+0.08÷4)^(4×5)
A=1,456.23
answered
User Umer Abbas
by
8.7k points
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