SOLUTION: find the value of $8000 if the annual interest 4.5 compounded quarterly for 8 years?

Question 523199: find the value of $8000 if the annual interest 4.5 compounded quarterly for 8 years?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 8000
Amount= A
years=n 8.00
compounded 4 times a year t
Rate = 4.50 0.01
Amount = P*((n+r)/n)^n*t

Amount =8000 *( 1 + 0.01 )^ 8 * 4
Amount =8000 *( 1 + 0.01 )^ 32
8000 *( 1.01 )^ 32
Amount = $11443.61

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