SOLUTION: Suppose you deposit $1,200 in an account with an annual interest rate of 6% compounded quarterly. find the ammont of money in the account after 8 years.

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Question 402176: Suppose you deposit $1,200 in an account with an annual interest rate of 6% compounded quarterly. find the ammont of money in the account after 8 years.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The formula is:
A+=+P%281+%2B+%28r%2Fn%29%29%5E%28nt%29
P = depoit
r = interest rate
n = number of times compounded/yr
t = number of years
A+=+1200%2A%281+%2B+.06%2F4%29%5E%284%2A8%29
A+=+1200%2A%281.015%29%5E32
A+=+1200%2A1.61032
A+=+1932.39
$1932.39 is amount after 8 yrs