Question 523200: find the value of $8000 if the annual interest 4.5 compounded quarterly for 8 years Found 2 solutions by stanbon, MathTherapy:Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! find the value of $8000 if the annual interest
4.5 compounded quarterly for 8 years
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A(t) = P(1+(r/n))^(n*t)
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A(8) = 4000(1+(0.045/1))^(1*8)
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A(8) = 4000(1+ 0.045)^8
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A(8) = 4000(1.4221)
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A(8) = $5688.40
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Cheers,
Stan H.
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