Question 1182414
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If $7,000 is invested at 4% compounded quarterly, what is the amount after 8 years?
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<pre>
The amount after 8 years will be (use the standard formula for the future value)


    FV = {{{7000*(1+0.04/4)^(4*8)}}} = {{{7000*(1.01)^32}}} = 9624.58 dollars.    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.



Learn the subject from there.