SOLUTION: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 4 years? (Round y

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Question 909026: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 8% interest compounded quarterly. By how much will your deposit have grown after 4 years? (Round your answer to the nearest cent.)
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
A%284%29+=+1000%281%2B+.08%2F4%29%5E%284%2A4%29
A%284%29+=+1000%281.02%29%5E%2816%29