Question

Determine the final balance from depositing $8,000 compounded quarterly for 6 years at 3% annual

interest.

Answer 1

$9571.31

Explanation:

Quarterly compounded equation: A = P(1 + r/n)^nt

Step 1: Plug in variables

A = 8000(1 + 0.03/4)^10

Step 2: Solve

And you should get 9571.31 as your final answer.