SOLUTION: Find the final amount of money in an account if $6,100 is deposited at 8% interest compounded quarterly (every 3 months) and the money is left for 8 years.

SOLUTION: Find the final amount of money in an account if $6,100 is deposited at 8% interest compounded quarterly (every 3 months) and the money is left for 8 years.

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Question 1207040: Find the final amount of money in an account if $6,100 is deposited at 8% interest compounded quarterly (every 3 months) and the money is left for 8 years.
Answer by Shin123(626) (Show Source): You can put this solution on YOUR website!
We use the compound interest formula to solve this problem. Doing so, we get , which rounds to $11,495.70.
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