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) About Me  (Show Source):
You can put this solution on YOUR website!
We use the compound interest formula to solve this problem. Doing so, we get 6100%281%2B0.08%2F4%29%5E%288%2A4%29=6100%2A1.02%5E32=11495.69761..., which rounds to $11,495.70.