Question 805142
Julie would like to invest $750.00 of her earnings this week. Julie's bank offers an annual interest rate of 3.8% compounded quarterly. How much does Julie have in her account after two years if it is compounded quarterly?
------------
A(t) = P(1+(r/n))^(nt)
------
A(2) = 750(1+0.038/4))^(4*2) = 750(1.0095)^8 = 750*1.0786 = $808.93
======================
Cheers,
Stan H.
======================