SOLUTION: IF DON INVESTS 3000 AT 8% INTREST COMPOUNDED QUARTERLY, FIND THE AMOUNT AFTER 4 YEARS

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Question 1102661: IF DON INVESTS 3000 AT 8% INTREST COMPOUNDED QUARTERLY, FIND THE AMOUNT AFTER 4 YEARS
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
Compound interest formula used here
P=Po(1+r/n)^nt, r is rate, n is number of compoundings in a year, t is the number of years
P=3000(1+0.08/4)^16
P=3000*1.02^16=$4118.36 ANSWER