Question 866152
I don't know what your -1/0.062 means, but your major mistake is not dividing the annual % rate of 0.062 by 4 to get the quarterly rate. The formula is
(1) B = P*(1+r/4)^(4*t) or
(2) B = 600*( 1+ 0.062/4)^(4*8) or
(3) B = 600*(1 + 0.0155)^32 or
(4) B = 600*(1.0155)^32 or
(5) B = 600*1.6359 or
(6) B = 981.54