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Find the amount in the account for the given principal, interest rate, time, and compounding period. P = $700, r=7%, t=8 years; compounded quarterly​

Find the amount in the account for the given principal, interest rate, time, and compounding period. P = $700, r=7%, t=8 years; compounded quarterly​
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5 votes
Find the amount in the account for the given principal, interest rate, time, and compounding period. P = $700, r=7%, t=8 years; compounded quarterly​

asked
User Zysce
by
7.7k points

2 Answers

2 votes

Answer:

$1092

Explanation:

answered
User Zudokod
by
8.8k points
3 votes
Starting with let us find the interest
I=PRT
I=$700*7%*8 years
I=$392
Now we have found the interest let us find the amount of the number
A=interest+principle
A=$392+$700
A=$1092
answered
User Astridx
by
8.7k points
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