SOLUTION: how to solve find the interest, I, and the total amount, A, for $625 invested for 12 years at 8% APR, compounded quarterly

Question 964273: how to solve find the interest, I, and the total amount, A, for $625 invested for 12 years at 8% APR, compounded quarterly
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
A= c(1+r/n)^nt where c is capital ($625) r is the rate (8%) n is the number of periods in a year when interest is compounded and t is time in years.
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A= 625(1+.08/4)^4(12)
A= 625(1.02)^48
A= 625(2.58)
A= 1,618.75 is the final amount. The interest earned is:
1618.75-625 = 993.75

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