SOLUTION: Principal: 4,000.00 Annual Interest Rate: 8% Compounding Period: Quarterly Use the formula for computing future value using compound interest to determine the value of the

Question 734242:
Principal: 4,000.00
Annual Interest Rate: 8%
Compounding Period: Quarterly
Use the formula for computing future value using compound interest to determine the value of the account at the end of 2 years.
Please detail so I can understand, as I have numerous like problems to solve, bless you.
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
4,000(1+.08/4)^2*4 [the 4 refers to the quarterly interest.
4,000(1+.02)^8
4,000(1.02)^8
4,000*1.17=$4,686.64
RELATED QUESTIONS
Use the formula for computing future value using compound interest to determine the value (answered by rfer)

Calculate the total interest earned for the investment below. Principal = $8200 Rate... (answered by math_tutor2020)

You deposit $10,000 in an account that pays 5.5% interest compounded quarterly. A.... (answered by greenestamps)

1st question: The principal P is borrowed at a simple interest rate r for a period of (answered by ikleyn)

Help 1. When interest is added to the principal and interest is again... (answered by stanbon)

Find the payment that should be used for the annuity due whose future value is given.... (answered by Theo,ikleyn)

#12: Find the payment that should be used for the annuity due whose future value is... (answered by mathmate,MathTherapy)

Given the annual interest rate and the compounding period, find i, the interest... (answered by ikleyn)

What is the future value of an initial investment of $8000 at annual rate of 8% interest... (answered by rfer)