It took 3.5 hours for an airplane traveling at a constant speed of 550 miles per hour to reach its destination. What distance di
2 answers:
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Answer:
Principal = 3500
Time = 8 years
We are given that compound quarterly
So, No. of compounds per year = 2
Rate of interest = 5%
Formula :
Substitute the values :
Interest = 3863.345 - 3500 = 363.345
Hence the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5% is $3863.345 and the interest that was made on that account mentioned is $363.345
10.2% × 32
0.102 × 32
= 3.264