SOLUTION: Using A=P(1+r/n)^nt A total of $800 is invested in a 7% certificate of deposit for which interest is compounded quarterly. Find the value that this certificate will have at the

Question 684997: Using A=P(1+r/n)^nt
A total of $800 is invested in a 7% certificate of deposit for which interest is compounded quarterly. Find the value that this certificate will have at the end of 5 years.

Ok so I started solving the problem and this is it:
=800(1+0.007/3)^3*5
=800(1.0233)^15
=1130.14

But the answer is supposed to be 1131.82

HELP

Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!

Using A=P(1+r/n)^nt
A total of $800 is invested in a 7% certificate of deposit for which interest is compounded quarterly. Find the value that this certificate will have at the end of 5 years.

Ok so I started solving the problem and this is it:
=800(1+0.007/3)^3*5
=800(1.0233)^15
=1130.14

But the answer is supposed to be 1131.82
HELP

There are 4 (four) quarters in a year, so 4 annual payments. Therefore, it should be: . This should give you $1,131.82

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